Superprime London homebuyers have vanished – here’s where high-end demand remains

The latest research by London lettings and estate agent, Benham and Reeves, has found that demand for homes listed at £10m and above across London’s prime suburbs has tumbled to just 2%; with a number of areas seeing no demand for housing at all.

Benham and Reeves looked at prime London’s property hotspots and the demand for homes listed at £2-5m, £5-10m and £10m, to see how the current pandemic is impacting homeowner appetite for London’s priciest properties.

See the full data tables for each price threshold here.

The £2-5m market

At the lower end of the capital’s prime property market, demand remains fairly robust at 15% on average.

Richmond is the most in-demand of all prime London locations at this price bracket, with 40% of all homes listed still under offer or SSTC despite the spread of the Coronavirus.

Barnes (38%), Clapham (32%), Wimbledon (29%) and Chiswick (28%) are also amongst the most popular.

The £5-10m market

Moving up a price bracket, demand drops to 10%, however, there remain a number of areas where homebuyer activity remains robust.

Again, Barnes (56%), Wimbledon (33%) and Richmond (25%) remain popular, joined by Pimilcio (19%).

However, at this price bracket demand for housing is currently non-existent in Fitzrovia, Marylebone, Maida Vale, Regents Park, Canary Wharf, Battersea, Wandsworth and Chiswick.

The £10m+ market

It is the super-prime threshold that has seen homebuyer demand take the biggest hit.

With demand as a whole at just 2%, there are a total of 13 areas where demand sits at 0%, with a further seven areas where no homes are listed above this threshold.

Highgate is the most in-demand at 8%, along with Notting Hill (6%), Knightsbridge (5%), Mayfair (4%) and Chelsea (2%).

See the full data tables for each price threshold here.