At Holmes Estates, we are here to help you as best we can, no matter what move you are looking to make next in the South West London housing market. Get in touch if you are looking for assistance or guidance at any time.
What is happening in the current property market?
Key points to consider about the current housing market:
- Property prices in South West London are continuing to rise while demand continues to increase.
- This is causing problems for those who are not able to afford to buy property in the area, as well as for developers who are not able to build enough new properties.
- There are a number of ways that the government and other organisations can try and solve this problem, including by developing new housing schemes or by increasing the amount of affordable housing available.
What do official figures in housing market state?
The Halifax House Price Index (HPI) for May 2022 indicates property prices are still increasing. The average property price in the UK stands at £289,000 per these figures. For London, the average cost of property stands at £541,942.
Enquiries from property buyers in London have risen by 57% since May 2021. However, the supply of properties has fallen by 14% in the same time.
How are house prices faring in South West London?
According to Rightmove, as of the end of June 2022, house prices in South West London are as follows;
“South West London, with an overall average price of £825,059 was more expensive than nearby South London (£601,036), but was cheaper than West London (£1,451,895) and Central London (£1,463,528). The most expensive area within South West London was Richmond Upon Thames (£988,756) and the cheapest was Kingston upon Thames (£646,900).
Overall sold prices in South West London over the last year were 4% up on the previous year and 11% up on the 2017 level of £742,447.”
This is a price point that is significantly higher than the average price of property across London. Even with the cheapest area of South West London, Kingston upon Thames, you have an average property price that is significantly higher than the London average.
You will also see that property prices have risen in the area, which follows the trend of the rest of the country.
If you are looking for guidance in the current property market, we are more than happy to assist you as best we can.
Contact Holmes Estates for all your South West London housing needs in 2022
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 Estates today.