A slowdown in international buyer activity is now one of the biggest challenges facing London's prime residential market, with growing interest among wealthy clients in buying property overseas, a survey by AgentWise has revealed.

The survey of 30 UK prime residential agents, conducted in May, found that buyer hesitation and weaker international demand were jointly ranked as the market's biggest challenges, with 30% of respondents citing each factor. A further 27% said overpricing was the main issue affecting activity.

More than half (57%) of agents said their clients were increasingly looking at overseas property opportunities rather than the UK. Despite a more global approach to investing, almost three-quarters of respondents said they had not worked with an overseas agent during the past year, suggesting limited cross-border collaboration and "significant scope for greater international connectivity across the sector".

AgentWise, a curated network of vetted estate agents and brokers, said international demand remained vital to the UK's prime housing market, but buyers were now comparing opportunities across global cities rather than focusing solely on London.

AgentWise's founder Eric Corsaletti said: "The UK’s prime market has always been an international melting pot and foreign buyer demand remains a critical component of activity. However, today's buyers are increasingly global in their outlook.

"Despite the fact that more than half of agents say their clients are increasingly looking overseas, relatively few have actually collaborated with an overseas agent during the last year. That highlights a clear opportunity for stronger international connectivity and greater collaboration between professionals operating in different markets.”

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