The number of Prime Central London homes marketed for £2m or more increased during the second quarter but supply trends vary sharply between neighbourhoods.
Analysis by Benham and Reeves identified 3,911 properties currently listed at £2m-plus across the prime central market, representing quarterly growth of 2.5%.
The headline increase masks substantial differences between postcodes, with double-digit growth in available stock in some locations and declining supply elsewhere.
The agency says these contrasting trends reflect variations in housing stock, buyer demographics and international demand across individual prime markets.
REGENT’S PARK LEADS SUPPLY GROWTH
Regent’s Park recorded the largest quarterly increase in £2m-plus listings, with stock rising by 25.4%.
Notting Hill followed with growth of 15.8%, ahead of Knightsbridge at 10.7%. More modest increases were recorded in Kensington at 4.1%, Chelsea at 3.5% and Marylebone at 2.1%.
Supply moved in the opposite direction in several established markets.
Maida Vale experienced the largest reduction at 7.8%, followed by Belgravia at 5.4%, Mayfair at 3.2%, St John’s Wood at 1.9% and Victoria at 1.5%.
MAYFAIR RETAINS SUPER-PRIME CONCENTRATION
Despite its quarterly fall in stock, Mayfair remains the neighbourhood with the greatest concentration of high-value listings.
Three-quarters of homes currently advertised in Mayfair carry an asking price of at least £2m.
The proportion stands at 67.4% in Knightsbridge and 57.4% in Belgravia.
AGENT COLLABORATION GAINS IMPORTANCE
Marc von Grundherr (main picture), director of Benham and Reeves, says: “One of the biggest mistakes people make is talking about Prime Central London as though it’s a single market. It isn’t. Every postcode behaves differently because each attracts its own buyer profile, stock mix and level of international demand.
“Whilst overall supply has continued to edge higher, the variation we’re seeing from one neighbourhood to another highlights just how localised the prime market has become.
“In a market like this, simply listing a property is rarely enough. Buyers are becoming more selective, transactions are taking longer and every postcode presents its own challenges.”
He adds that collaboration and trusted agent networks are becoming increasingly valuable when matching highly specific buyers with prime properties across London.
