Prime London homebuyer demand rises during Q2

Homebuyer interest in London’s £2m+ market saw a 4% rise during the second quarter of 2021 when compared to the first three months of the year, according to the latest figures from Benham & Reeves.

Market analysis from the lettings and estate agent shows that the pandemic is continuing to have a clear impact on demand at the top end of the London market.

£2m+ prime market

At 51%, Wandsworth is home to the highest level of current homebuyer demand and quarterly change for homes valued at £2m and above, with Wimbledon (50%), Barnes (46%), Chiswick (45%) and Putney (44%) 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.

Demand settles outside prime markets

Anyone buying a property now will have missed the deadline and at best will pay the tapered rate of Stamp Duty (which lasts until September 30th), so market activity has quietened.

Potential buyers may hold back over the summer, waiting for September when more stock becomes available after the traditional summer lull.