Demand for property in Primrose Hill soars while next door St John’s Wood suffers

Regent's Park Road

Regent's Park Road - Credit: Archant

Demand for property over £2million in Primrose Hill has more than doubled since May according to figures released today.

Data from online estate agent showed that demand in the star-studded neighbourhood, which is home to Stefano Gabbano, Jamie Oliver, Mary Portas and Andrew Marr, increased by 264 per cent from May to June.

Heather Carter-Drake, lettings manager at Sandfords Primrose Hill, said: “Demand has sky-rocketed mostly through sales but also through a lot of high-end enquiries. People were visibly holding off before the election but now there’s no longer a coalition and there’s much more stability.”

However, the same report shows a three per cent drop in total across prime central London. Despite neighbouring the month’s best performing area, St John’s Wood is the worst affected location, with a 37 per cent decline in demand.

David Brand, director of Chestertons St John’s Wood described the figures as “ridiculous”.

He said: “I have got no idea how they can quote figures like that. There is a slow but steady growth in confidence in the buyers. June has proven to be a lot better than we had hoped and certainly a lot better than May. The fact that the threat of the Mansion Tax has been withdrawn has filled everyone with confidence.” CEO Russell Quirk reacted to the figures differently: “The PCL market is still a graveyard, albeit a pretty one. I don’t think the threat of a Mansion Tax disappearing has done much in the way of restoring the market. Given the colossal fall in demand, it could be several years before the PCL market recovers.”