Top tier buyers ditch the city in favour of leafy suburbs such as Chiswick, Barnes and Clapham
Leafy suburbs are proving incredibly popular as they offer the best of both worlds in the current climate.
London lettings and estate agent, Benham & Reeves, has analysed buyer demand across each area of the prime London market for properties listed at £2m and above. The findings reveal that interest is highest across the south-west pocket of the prime market, with demand averaging 26.3% across these locations.
At 19.9%, demand is also high in the north and north-west pockets of the prime market. However, in prime central and prime central-east London current demand is at just 9.6% and 5.4% respectively.
Barnes is home to the highest level of current high-end homebuyer demand at 37.9%, followed by Clapham (37.7%), Chiswick (35.2%), Richmond (27.1%), Wandsworth (24.7%), Putney (24.3%) and Wimbledon (24%).
Islington (22.6%) and Highgate (21.3%) also ranked high, while Maida Vale is the only traditionally prime central area to make the top 10.
The impact of the pandemic on central London property
Canary Wharf is the least in-demand spot with high-end homebuyer demand at just 2.8%. Marylebone (3.8%), Mayfair (5.2%), Fitzrovia (5.5%) and Pimlico (6.8%) were also some of the coldest spots for current demand.
Marc von Grundherr, Director, Benham & Reeves: “It’s not just the average London buyer that is looking to the capitals outer boroughs for a larger home and better availability of green space. This is a trend we’re seeing intensify at the very top end of the market.
“The high-end London market is very much a case of quality over quantity and so we are never going to see the huge influx of activity seen across the regular market over the last few months. Certainly not for a few thousand pounds saved in stamp duty anyway.”
It is unusual to see the cornerstones of the global prime property market such as Kensington, Knightsbridge and Chelsea play second fiddle to the traditionally less sought after areas of Barnes and Chiswick.
Von Grundherr: “This is undoubtedly due to the current pandemic as homebuyers at all price brackets anticipate a potential second lockdown and escape the city centre until this uncertainty lifts.”