Interest in London’s prime house market up 4% in Q2

Interest from homebuyers in London’s £2m+ market climbed by 4% during the second quarter of 2021, compared to the first three months of the year.

The latest Prime London Demand Index by leading lettings and estate agent, Benham and Reeves, suggested that the pandemic is continuing to have a clear impact on homebuyer demand at the top end of the London market.

Benham and Reeves analysed the ratio of homes listed for sale to those sold across the prime London market, identifying where high-end homebuyer demand is at its highest as well as how this demand has changed quarter-to-quarter.

Across London’s very top tier of the property market, for properties valued above £10m, the findings showed that demand has remained flat at 8% between the first and second quarters of this year.

“Ongoing travel restrictions are continuing to prove problematic for many high-end, foreign homebuyers with their eye on a London property purchase,” commented Benham and Reeves director, Marc von Grundherr. “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.”

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