Interest in multi-million pound London homes picks up – CityAM : CityAM

Home buyer interest in London’s market for homes listed at £2m and above has jumped 5.8 per cent.

Interest in properties £10m and above rose 1.8 per cent in the third quarter, the Prime London Demand Index by estate agent Benham and Reeves showed.

In the £2m and above market, Wandsworth in the city’s south-west marked the largest annual uplift in demand at 31.6 per cent.

Other areas to receive a boost in interest include Wimbledon and Highgate, which saw 26.5 and 21.5 per cent jumps respectively.

For the priciest properties, Wimbledon saw an uplift of two thirds in the third quarter, the largest annual increase of all areas.

Areas like Notting Hill and Holland Park also saw an increase in millionaires looking for new homes, with demand upticks of 22.1 per cent and 12.5 per cent respectively.

Benham and Reeves said the prime London market was not “fully rejuvenated” and the pandemic still loomed large as did an “ongoing absence of foreign demand due to travel complications.”

Director of Benham and Reeves, Marc von Grundherr, added: “However, what we are seeing are strong signs that the market is starting to pick back up. Those areas offering a greater abundance of larger homes with more green space are still performing well but we’re now seeing demand increase in the more traditional heartlands of the prime market where there was previously little to no interest at all.

“As we ease back to a full state of normality, it’s very likely that these green shoots will continue to blossom.”