At Holmes Estates, we want people to make informed decisions about the South West London housing market. We know what is going on in the local area, and we stay in touch with what is happening nationally.
We pay attention to what Rightmove says, as you would expect given they are the biggest property portal in the UK. The following information provided by Rightmove is based on studying 13 million property listings.
According to the latest information provided by Rightmove, 68% of properties across Great Britain have found a buyer in the current housing market. In 2012, this figure was 41%, and the current figure is the highest percentage recorded in the past decade.
As we all know, London housing market is more challenging than many others, and only 48% of London properties found a buyer between 2021 and early 2020. On average for this period, 53% of properties found a buyer. The remaining 47% properties were either withdrawn from sale or they remained on the market.
Some areas of London are struggling for sales
Westminster saw 22% of properties sold, Kensington & Chelsea experienced a 25% level of sales and in Camden, 28% of properties were sold.
According to Rightmove at the start of August, the Streatham housing market can be described as;
“Properties in Streatham had an overall average price of £584,125 over the last year.
The majority of sales in Streatham during the last year were flats, selling for an average price of £435,749. Terraced properties sold for an average of £664,243, with semi-detached properties fetching £877,891.
Overall, sold prices in Streatham over the last year were 9% up on the previous year and 14% up on the 2017 peak of £512,778.”
Streatham is well-placed and well-priced in comparison with many parts of London
By contrast, the average price in Westminster was £1,138,581, and in Camden, the average price was £1,115,444. When you consider what Streatham has to offer, it is easy to see why parts of South West London gather so much attention and interest in the housing market.
Tim Bannister, Director of Property Data at property website Rightmove, says: “There’s been a much greater chance of a seller finding a buyer over the past year, which really highlights the sheer number of people who have been determined to move. While the long-term average shows that typically around half of properties sell, the increase in 2021 reflects the frenzied buyer activity we’ve seen in the current market, driven by multiple factors such as pent-up demand and changing priorities.”
Tim continued by saying; “This efficiency in the market means agents are operating on limited stock, and they need more homes to satisfy all types of buyers. We’ve seen from previous research that Scotland often contains the most likely areas to find a buyer, and London the least, however, the broader numbers are reflective of the trend we’ve been seeing all year, which is that buyers have widened their scope, and the popularity of every area in Great Britain is increasing.”
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.