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Free online valuationPrime London buyer demand falls in Q1
- Property market
- 01.04.25
- Benham & Reeves
The latest Prime London Demand Index by London lettings and estate agent, Benham and Reeves, reveals that buyer demand for prime property across London’s most prestigious neighbourhoods fell by -3.9% during the first three months of the year when compared to Q4 2024.
The Prime London Demand Index* by Benham and Reeves monitors demand for London’s most expensive properties based on the level of market activity seen between the £2m to £10m threshold and the super prime market of £10m+. Demand is based on the proportion of all homes listed for sale across the prime market that have already been sold subject to contract.
Prime market (£2m to £10m)
The latest index shows that during Q1 2025, demand for prime London properties sat at 15.8%, marking a -3.9% reduction on the previous quarter.
Richmond was the most in demand area of the prime London market in Q1 where 38.9% of all homes priced at £2m or above had found a buyer.
Chiswick saw the largest increase in demand on a quarterly basis, up 5.1% versus Q4 2024.
Clapham saw the largest quarterly decline at 45.8%.
Super prime market (£10m+)
Across London’s super prime market, demand for London’s most luxury homes sat at just 3.1% in Q1 2025, having declined by -1.1% versus Q4 2024.
Wimbledon proved to be the most in demand area of the super prime market, where 33.3% of all homes listed at £10m or above had secured a buyer.
Victoria saw the largest quarterly uplift in buyer demand for super prime London properties, up 5.6% versus Q4 2024, with Chelsea also seeing a strong increase of 3.2%.
Whilst Wimbledon ranked as the most in demand area, demand had declined by -16.7% versus the previous quarter, the largest quarterly decline of all areas analysed by Benham and Reeves.
Director of Benham and Reeves, Marc von Grundherr, commented
“It’s been a fairly slow start to the year for London’s prime market following an uplift in demand seen towards the latter stages of 2024 and whilst some areas have continued to benefit from consistently strong demand, the majority of neighbourhoods have seen a decline in market activity during the first three months of the year.
This is almost certainly down to seasonality following the Christmas break and whilst the prime market is one very much centred around quality of quantity, we expect to see a greater degree of activity materialise as the year progresses, driven by a heightened level of stability and certainty with respect to the wider economic landscape.”
| Prime market buyer demand – £2m plus | ||||
|---|---|---|---|---|
| Area | Prime category | Q1 2025 | Q Change | Annual change |
| Chiswick | Prime SW London | 37.7% | 5.1% | -11.4% |
| Canary Wharf | Prime E London | 8.3% | 2.5% | 0.6% |
| Victoria | Prime C London | 11.6% | 1.2% | 2.9% |
| Richmond | Prime SW London | 38.9% | 1.2% | 9.7% |
| Belgravia | Prime C London | 9.9% | 1.1% | 1.8% |
| Fitzrovia | Prime C London | 5.4% | 0.8% | 1.0% |
| Battersea | Prime SW London | 15.2% | 0.2% | -4.5% |
| Wimbledon | Prime SW London | 32.1% | 0.0% | 0.9% |
| Marylebone | Prime C London | 5.9% | -1.0% | 0.9% |
| Maida Vale | Prime C London | 8.5% | -1.2% | -5.6% |
| Chelsea | Prime C London | 10.0% | -1.4% | -3.1% |
| Regents Park | Prime C London | 3.4% | -1.4% | -2.0% |
| Mayfair | Prime C London | 3.9% | -1.5% | -3.1% |
| Knightsbridge | Prime C London | 5.8% | -1.6% | -2.7% |
| Kensington | Prime C London | 9.4% | -1.8% | -2.1% |
| Notting Hill | Prime C London | 14.3% | -2.1% | -5.0% |
| Putney | Prime SW London | 35.1% | -2.2% | -5.9% |
| St John’s Wood | Prime C London | 7.6% | -2.4% | -2.3% |
| Holland Park | Prime C London | 14.7% | -2.5% | -2.7% |
| Pimlico | Prime C London | 12.3% | -3.2% | 1.2% |
| Fulham | Prime SW London | 18.9% | -3.5% | -6.1% |
| Wapping | Prime E London | 13.6% | -5.1% | 7.8% |
| Wandsworth | Prime SW London | 26.8% | -7.5% | -5.1% |
| Hampstead Garden Suburb | Prime NW London | 8.1% | -7.7% | 2.4% |
| Barnes | Prime SW London | 30.8% | -8.9% | -1.5% |
| Highgate | Prime NW London | 21.8% | -9.4% | -7.0% |
| Islington | Prime N London | 31.5% | -10.7% | -12.0% |
| Clapham | Prime SW London | 0.0% | -45.8% | -37.3% |
| Overall average | – | 15.8% | -3.9% | -3.2% |
| Prime market buyer demand – £10m plus | ||||
|---|---|---|---|---|
| Area | Prime category | Q1 2025 | Q Change | Annual change |
| Victoria | Prime C London | 7.9% | 5.6% | 2.3% |
| Chelsea | Prime C London | 3.2% | 3.2% | 3.2% |
| Belgravia | Prime C London | 4.1% | 0.5% | 1.0% |
| Fitzrovia | Prime C London | 0.0% | 0.0% | 0.0% |
| Knightsbridge | Prime C London | 0.0% | 0.0% | -2.1% |
| Marylebone | Prime C London | 0.0% | 0.0% | -6.5% |
| Maida Vale | Prime C London | 0.0% | 0.0% | 0.0% |
| Regents Park | Prime C London | 0.0% | 0.0% | -5.0% |
| Highgate | Prime NW London | 0.0% | 0.0% | 0.0% |
| Islington | Prime N London | 0.0% | 0.0% | 0.0% |
| Battersea | Prime SW London | 0.0% | 0.0% | 0.0% |
| Kensington | Prime C London | 1.6% | -1.5% | -1.9% |
| Hampstead Garden Suburb | Prime NW London | 3.4% | -2.8% | 3.4% |
| Holland Park | Prime C London | 5.0% | -3.0% | 5.0% |
| Notting Hill | Prime C London | 0.0% | -6.3% | 0.0% |
| St John’s Wood | Prime C London | 0.0% | -6.7% | -3.4% |
| Mayfair | Prime C London | 0.0% | -9.1% | -1.9% |
| Wimbledon | Prime SW London | 33.3% | -16.7% | x |
| Overall average | – | 3.1% | -1.1% | 1.5% |
The Prime London Demand Index by Benham and Reeves monitors demand for London’s most expensive properties based on the level of market activity seen between the £2m to £10m threshold and the super prime market of £10m+. Demand is based on the proportion of all homes listed for sale across the prime market that have already been sold subject to contract.
Demand data sourced from Rightmove (27/03/2025)
Demand data sourced from Rightmove (27/03/2025)
About the Author
Established in 1958, Benham and Reeves is one of London’s oldest, independently owned property lettings and sales agents. With specialism in residential sales, corporate lettings and property management in prime areas of London, the company operates from 21 prominently located branches and 14 international offices.View all posts by Benham & Reeves