Chiswick in top three areas of buyer demand in London
Jul 1, 2023
The latest Prime London Buyer Demand Index by Benham & Reeves, has shown that life is returning to London’s high end housing market, with buyer demand climbing 2.5% across the prime market last quarter, while the super prime market has also seen a 1.9% increase.
PROMISING SIGNS FOR PRIME LONDON MARKET AS BUYER DEMAND CLIMBS IN Q2
The index monitors demand for London’s most expensive properties based on activity between the £2m to £10m threshold and the super prime market of £10m+. This is based on the proportion of all homes listed for sale across the prime market that have already been sold subject to contract.
Buyer demand across London’s core prime market currently sits at 23.2%, having climbed by 2.5% since the first quarter of this year. However, current demand levels remain -2% lower when compared to the second quarter of last year.
CHISWICK & RICHMOND AMONG MOST POPULAR AREAS
Islington is the hottest spot of the core prime market, with 50% of all homes listed for sale between £2m and £10m already sold subject to contract. Richmond (49.1%) and Chiswick (48.7%) are also home to some of the highest levels of high-end buyer demand at present.
Wapping has seen the largest quarterly improvement in market activity, with demand levels climbing by +12.2% since the first quarter of this year, followed by Canary Wharf (12%) and Chiswick (11.2%).
Wapping has also seen the largest annual increase in buyer demand levels, up -23.2% versus the second quarter of 2022. Richmond (+11.1%) and Islington (+8%) complete the top three largest annual uplifts.
SUPER PRIME MARKET – £10M+
On a quarterly basis, Wimbledon has seen a +50% increase in market activity, the largest quarterly uplift of all super prime areas. Pimlico follows with an increase of +16.7%, followed by Victoria (+7.5%).
