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 latest Prime London Demand Index by London lettings and estate agent Benham and Reeves reveals 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
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.
SLOW START
Marc von Grundherr, Director of Benham and Reeves, says: “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.”
