Property sales have continued to fall since the Bank of England began raising the base rate, declining at an average rate of -3.4% per month across Britain since December 2021, according to analysis. The South London property market is following the national trend, with sales falling and prices starting to level off. According to Rightmove, the average house price in South London is £752,624, which is up 2% on the previous year but down 0.3% on the month. The number of properties sold in South London fell by 11% in May 2023 compared to May 2022.
South London Slowing Down?
There are a number of factors that are contributing to the slowdown in the South London property market. These include:
- The rising cost of living, which is making it more difficult for people to afford a mortgage.
- The Bank of England's decision to raise interest rates, which is making it more expensive to borrow money.
- The uncertainty caused by the war in Ukraine, which is making some people hesitant to buy a property.
- Despite the slowdown, the South London property market remains relatively strong. There is still a shortage of properties on the market, and demand is still outstripping supply. This means that prices are likely to remain relatively stable in the coming months.
I did some digging and here are the trends month-on-month for properties in South London in terms of time on market:
April 2023: 13 weeks
May 2023: 14 weeks
June 2023: 15 weeks
July 2023: 16 weeks
So what can you do to beat the competition and get your home sold QUICKER!
- Use an agent employing the latest trends in terms of presentation to get the most eyeballs on your property. Video, floor plans, music, long and short form content
- Stage it well - declutter and take your agent's advice on what to put in storage and how to present your home for maximum impact.
- Launch - all the marketing hoo-ha should be done IMMEDIATELY to create the buzz and get as many buyers through the door in the first 48hrs as possible. This is when you can create a bidding frenzy as buyer FOMO can set in!
- By all means Price it correctly. Don't price too high thinking you can take an offer, you want to price LOW to get the people in through the door. People like a bargain, when they see value and they fear missing out they'll offer what they think it's worth. And remember, your property is determined by what a ready, willing and able buyer is ready to pay, not what you think it's worth!