We know the London housing market has been spoken about negatively by many aspects of the media in the past year, but we still believe the capital has a lot to offer. South West London contains many fantastic areas, which are well-connected, stylish and which offer a good lifestyle, and as we move forward, people are keen to remain in and around the capital.
According to Rightmove, as of the end of April 2021, the Streatham housing market is described as such:
“Properties in Streatham had an overall average price of £576,638 over the last year.
The majority of sales in Streatham during the last year were flats, selling for an average price of £426,335. Terraced properties sold for an average of £662,862, with semi-detached properties fetching £881,778.
Overall, sold prices in Streatham over the last year were 11% up on the previous year and 12% up on the 2017 peak of £512,778.”
There are many things to consider with the London housing market
A survey conducted by Barratt London offers some interesting insight into what might happen next in the London housing market. Some of the key findings from the study include:
Two-in-three of people aged over 50 who live in London are open to, or already planning, downsizing
76% of this group were empty nesters, meaning their children had moved out of home
71% of this group owned their property outright
70% of this group live in a property which has a minimum of three bedrooms
London is where many people wish to be
While there has been a lot of talk about people exiting London, this survey suggests many households are keen to remain in the capital.
Overall, 67% of respondents agreed with the statement, “Downsizing presents an opportunity to move to a different area” but only 32% of those over 50 agreed with the statement, “Downsizing means moving further away from London”.
Notably, this desire drops even further amongst the over 50 residents of Zones 1 and 2 in the capital
Why do people want to downsize?
With so many households keen on downsizing, there must be reasons. The following responses were found in the survey:
74% of respondents who are over 50 cited financial motivation in downsizing
54% of this group cited reducing the cost of property maintenance
46% of these respondents cited lowering household bills
36% of this group said they plan to finance their retirement by downsizing
27% of this group said they planned on releasing equity
There were other reasons too, with health and lifestyle being a common response:
20% wanted to improve their well-being
12% said they plan on leading a healthier lifestyle
9% want greater access to parks and green space
14% want to improve their immediate environment
We have considerable experience and expertise in the South West of London. We are ideally placed to help vendors, tenants and landlords during this challenging time. If you have any questions regarding the South West London property market, please get in touch with Holmes Estate Agents today.