Life is returning to London’s high end housing market, with buyer demand climbing 2.5% across the prime market on a quarterly basis, while the super-prime market has also seen a 1.9% increase.
This is according to the latest Prime London Buyer Demand Index by London lettings and estate agent, Benham and Reeves.
The index monitors demand for London’s most expensive properties based on the level of market activity seen between the £2m to £10m threshold and the super prime market of £10m-plus.
Demand is based on the proportion of all homes listed for sale across the prime market that have already been sold subject to contract.
The index shows that 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.
Across the super prime London market, 8.9% of homes currently listed for sale have already been taken by the capital’s super wealthy homebuyers. As a result, demand for London’s most expensive homes has climbed by 1.9% versus the first quarter of this year and also sits 1.7% higher on an annual basis.
Benham and Reeves director Marc von Grundherr, comments: “We saw a dip in high-end homebuyer demand during the first quarter of this year but it certainly seems as though the prime London market has now found its feet and we’re starting to see the strong interest shown in recent months convert to actual transactions.
“While some of the prime market’s more peripheral neighbourhoods remain the destination of choice for many, it’s great to see central locations such as Wapping, Canary Wharf and Pimlico also leading the charge”.
He adds: This demonstrates that the tide has very much turned and buyers are now looking from the outside in which should help drive the market forward over the year ahead.”
