If you are looking at the annual figures, the August 2022 figure is still higher than the August 2021 price, by 5.2%, but the London fall was the largest of the 2022 drops. This isn’t a surprise with the London housing market often the most volatile of the markets across the country.
At Holmes Estates we are keen to provide you with invaluable insight and guidance to the South West London housing market. Whether you are planning a move soon or you want to feel confident about whatever you do next, we can assist you.
What do the market specialists say?
Tim Bannister from Rightmove said: “A drop in asking prices is to be expected this month, as the market returns towards normal seasonal patterns after a frenzied two years, and many would-be home movers become distracted by the summer holidays. Sellers who want or need to move quickly at this time of year tend to price competitively in order to find a suitable buyer fast, with some hoping to complete their move in time to enjoy Christmas in a new home.”
Jeremy Leaf, the former RICS chairman said: “Lack of choice, low unemployment and increasing rents are continuing to support demand. No significant change in property prices is expected at this stage despite increasing concerns about the rising cost of living and interest rates.”
How are house prices in Streatham faring?
According to Rightmove, as of the end of August 2022, house prices in Streatham are faring as follows:
“Properties in Streatham had an overall average price of £558,888 over the last year.
The majority of sales in Streatham during the last year were flats, selling for an average price of £407,233. Terraced properties sold for an average of £668,221, with semi-detached properties fetching £907,597.
Overall, sold prices in Streatham over the last year were 2% down on the previous year and 6% up on the 2019 peak of £524,956.”
The modest fall in house prices in Streatham in the past year isn’t out of line with what is happening across the country. We know these are challenging times for everyone right now, and it is not as if property market dealings are any easier. If you are looking for guidance or support, get in touch, and we will do everything we can to help you make informed decisions that allow you to manage your property.
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.