Market analysis from the lettings and estate agent shows that the pandemic is continuing to have a clear impact on homebuyer demand at the top end of the London market, with Wandsworth (+25%), Hampstead (+12%), Highgate (+9%) and Islington (+9%) all seeing some of the largest increases in demand on a quarter to quarter basis.
At 51%, Wandsworth is also home to the highest level of current homebuyer demand for homes valued at £2m and above, with Wimbledon (50%), Barnes (46%), Chiswick (45%) and Putney (44%) also home to some of the highest levels of demand across the prime London market.
£10m+ super-prime market
Across London’s very top tier of the property market, demand has remained flat at 8% between the first and second quarters of this year.
However, having seen no homes sold at this price threshold during Q1, Fulham (+50%), Hampstead (+24%) and Regents Park (8%) have seen some of the largest uplifts in demand during the second quarter of this year.
This increased rate of demand also makes Fulham and Hampstead the hottest spots within the capital’s super-prime market for current homebuyer demand, with Holland Park (21%) also ranking within the top three.
Marc von Grundherr, Director of Benham and Reeves, commented: “Ongoing travel restrictions are continuing to prove problematic for many high-end, foreign homebuyers with their eye on a London property purchase. However, we are starting to see demand return to the top end of the London market as the year goes on.
"This slow but steady return to form is one that we can expect to see continue throughout the second half of this year and this momentum certainly won’t be dampened as a result of the staggered stamp duty holiday deadlines.”
