Good news for sellers, as demand for prime property in the capital is on the rise.

If you’re thinking of selling your luxury London pad, now could be the time! Demand for pricey properties in the capital is on the up, after a bit of a wobble earlier this year.

According to the latest figures from Benham and Reeves, nearly one in five (19.4%) homes worth between £2 million and £10 million found a buyer in the last three months. That’s a slight increase on the previous three months, although it’s still down slightly compared to this time last year.

Hampstead is Hot Property

Hampstead was the biggest winner, seeing a 10% jump in demand from buyers. Other areas like Regent’s Park, Highgate, Barnes, and Wandsworth also saw decent increases. However, not everywhere was so lucky – Chiswick, Putney, and Wapping saw the biggest drops in buyer interest.

Super Prime Still Going Strong

Even at the very top end of the market (we’re talking £10 million plus!), things are looking rosier. Demand for these “super prime” properties inched up in the last quarter.

Again, Hampstead came out on top, with a 9.5% increase in demand. Chelsea, Holland Park, St John’s Wood, and Mayfair also proved popular with wealthy buyers.

Experts Predict a Buoyant Second Half of the Year

So, what’s behind this renewed interest in London’s most expensive homes?

Marc von Grundherr, a director at Benham and Reeves, reckons it’s down to the economy finally showing signs of stabilising after a turbulent time.

“The prime London market is one that tends to move slow and steady,” he says, “but it’s fair to say that it’s been a tentative first six months and the uncertainty of the wider economic landscape has led to a heightened degree of hesitation amongst buyers. However, as inflation has eased and the economy has stabilised we’ve seen green shoots of buyer activity emerging and we expect the second half of the year to be more fruitful.”