Prime South West London market on the up

Expensive properties in the South West of London attracted more interest in the final quarter of 2021, research from London agent Benham and Reeves shows.

Demand for homes worth between £2-10m rose by 23.7% in Clapham between the third and final quarters of 2021, while Putney (18.3%) and Barnes (11.7%) also saw some of the largest quarterly increases.

Putney has also seen the largest annual increase at 25.9%, with Wandsworth (21.2%) and Wimbledon (20.7%) also seeing some of the largest annual uplifts.

Marc von Grundherr, director of Benham and Reeves, said: “Despite ongoing complications as a result of the Omicron variant, demand for London’s high-end homes remained robust and demand has continued to climb both on a quarterly and annual basis.

“However, the pandemic’s influence remains clear with demand at its highest across areas of the South West where there is greater availability of larger homes and green space.

“However, even in the more central prime market we’re now seeing demand where there simply wasn’t any during the initial Covid-19 outbreak and this bodes very well for the year ahead.”

The Super Prime market has seen a more modest 0.2% increase in demand Q3, though interest in the top tier of the London market is up 2.3% annually.

The best Super Prime performance both quarterly and annually has been recorded in Highgate where demand was non-existent in both the third quarter of 2021 and the final quarter of 2020. However, the final quarter of 2021 saw demand sit at 22.2%.

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