Bank of Bro and Sis helping fund South London Property Purchases

Research by Hamptons shows that siblings are increasingly chipping in to help brothers and sisters onto the property ladder. In 2023, siblings made up a record 11% of family members contributing to first-time buyer deposits, more than double the share recorded five years ago (5%).

There are a number of ways that South London homeowners can help their siblings get onto the property ladder. Here are a few ideas:

• Offer to gift money towards their deposit. This is the most straightforward way to help your sibling buy a home. However, it is important to make sure that you can afford to gift money without impacting your own financial situation.
• Co-sign a mortgage. This can help your sibling to qualify for a mortgage or to get a better interest rate. However, it is important to be aware of the risks involved in co-signing a mortgage, such as being liable for the debt if your sibling defaults on the loan.
• Help your sibling to save for a deposit. You could offer to help your sibling with their monthly budget or to set up a savings account for them. You could also offer to match their savings contributions up to a certain amount.
• Provide practical support. This could include helping your sibling to find a property, negotiate on price, or move house.

If you are considering helping your sibling to buy a home, it is important to talk to them about their needs and expectations. You should also discuss the financial implications of your support with them.

Here are some additional tips for South London homeowners who are helping their siblings to buy a home:

• Make sure that you are clear about the terms of your support. This includes things like whether the money you are giving your sibling is a gift or a loan, and whether there are any conditions attached to your support.
• Get legal advice. It is a good idea to get legal advice before you offer to gift money or co-sign a mortgage for your sibling. This will help you to understand the risks involved and to protect your own interests.
• Be realistic about your expectations. It is important to be realistic about your ability to help your sibling financially and to set realistic expectations for them.

By following these tips, South London homeowners can help their siblings to get onto the property ladder and achieve their dream of homeownership.

Contact me today to find out how you can benefit from the current market trends. Or if you would like to know the value of your home check out my online valuation tool.

Soaring UK Rent Prices: Why Now is the Time for South London Homeowners to Consider Selling

The UK rental market is experiencing unprecedented growth, with the Office for National Statistics (ONS) revealing a 5.5% year-on-year increase in rent prices as of August 2023. This uptick follows a previous increase of 5.3% in July 2023, highlighting the relentless demand for rental properties amid a nationwide housing crisis.

What's Happening Across the UK?

England: A 5.4% annual increase in rent prices.

Wales: A surge of 6.5%.

Scotland: An increase of 6%.

Surprisingly, London leads the pack in England with a staggering 5.9% growth in rent prices—marking the highest annual percentage increase since ONS records began in 2006.

The View From The Ground

Jeremy Leaf, a seasoned estate agent in North London, affirms that the current data echoes the market conditions, notably the scarcity of rental properties. The increased cost of mortgage rates and heightened tax and regulatory burdens are encouraging landlords to exit the rental market, consequently driving up rents.

The Expert Take

Anna Clare Harper, CEO of GreenResi, highlights that public policy has focused more on homeowners, leading to a set of challenges that have accelerated a landlord exodus. This is backed by auction data showing a five-fold increase in traditional landlord properties available compared to last year.

The State of Affairs in Richmond

Harriet Scanlan, a lettings manager at a Richmond estate agency, concurs with this sentiment, citing multiple offers and above-asking price deals as evidence of high demand and low supply.

What This Means for South London Homeowners

Given the rate at which rental prices are rising, especially in London, now could be an excellent time for South London homeowners to consider selling their properties. With a shortage in rental supply, potential buyers, including investors, are likely to be more willing to pay a premium for available homes.

If you're contemplating a move or interested in exploring the lucrative South London property market, look no further. With 20 years of experience specialising in South London properties, I can provide unparalleled expertise and insight to guide you through a successful sale.

Contact me today to find out how you can benefit from the current market trends. Or if you would like to know the value of your home check out my online valuation tool.

Cash buyers swoop in on South London Property

The latest data from specialist property lending platform Octane Capital shows that cash buyers are paying on average £27,600 less than mortgage buyers for properties in Great Britain, with the exception of London.

This gap in price has widened over the past 20 months, as rising interest rates have made it more difficult for people to qualify for a mortgage and the cost of living crisis has made it harder to save for a deposit.

In the South West, cash buyers accounted for 38% of transactions between December 2021 and April 2023, suggesting that competition from cash buyers is particularly strong in this region.

What does this mean for South London homeowners?

If you are a homeowner in South London, there are a few things you should keep in mind in light of the latest data on cash buyers.

• Be prepared to negotiate on price. Cash buyers are often in a stronger position to negotiate on price, as they can move quickly and don't have to worry about getting a mortgage approved.
• Present your property in the best possible light. Make sure that your property is clean and well-maintained, and that the photos you use in your advertising are high quality.
• Consider using a reputable letting agent. A good letting agent can help you to market your property effectively and find the right buyer, whether they are a cash buyer or a mortgage buyer.
• If you are selling your property in South London, it is important to be aware of the latest trends in the market and to be prepared to negotiate on price, especially if you are facing competition from cash buyers.

Additional tips for South London homeowners selling their property:

• Target the right buyers. Consider the type of buyers who are most likely to be interested in your property. For example, if you have a family home, you may want to target families with young children.
• Be responsive to enquiries. Buyers expect a quick response from sellers when they enquire about a property. If you are not responsive, you may miss out on the best buyers.
• Be flexible on closing dates. Cash buyers are often able to close more quickly than mortgage buyers, so be prepared to be flexible on your closing date if you are facing competition from a cash buyer.

Rental Supply in South London is up in July

The latest rental market data from Chestertons shows that there were 39% more rental properties on the market in London in July 2023 compared to July 2022, while the number of new tenants entering the market decreased by 5%. This suggests that market conditions continue to improve for tenants in the capital.

With more properties to choose from and slightly less competition, tenants often now have the upper hand during price negotiations. As a result of this shift in power, 88% more landlords than this time last year were willing to reduce their asking rent in order to secure the right tenant for their property.

Areas of London that have been in particularly high demand with tenants in July include St. John’s Wood, South Kensington, Islington, Canary Wharf, Hampstead, Clapham and Fulham.

What does this mean for South London homeowners?

If you are a homeowner in South London, there are a few things you should keep in mind in light of the latest rental market data.

You may need to be more flexible on price. With more rental properties on the market and tenants having more choice, you may need to be willing to reduce your asking rent in order to attract tenants.

You should present your property in the best possible light. Make sure that your property is clean and well-maintained, and that the photos you use in your advertising are high quality.

You should be responsive to enquiries. Tenants expect a quick response from landlords when they enquire about a property. If you are not responsive, you may miss out on the best tenants.

Overall, the latest rental market data suggests that South London homeowners may need to be more flexible on price and presentation in order to attract tenants. However, the market is still relatively balanced, so there are still opportunities for homeowners to achieve good rental yields.

Here are some additional tips for South London homeowners who are looking to rent out their property:

• Target the right tenants. Consider the type of tenants who are most likely to be interested in your property. For example, if you have a family home, you may want to target families with young children.
• Use a reputable letting agent. A good letting agent can help you to market your property effectively and find the right tenants.
• Be prepared to offer incentives. In a competitive market, you may want to offer incentives to tenants, such as a rent-free period or a contribution towards moving costs.

If you are interested in knowing more or you are curious as to what your rental property is worth today drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!

Only 14% of South London Landlords Optimistic about Renters Reform Bill

The Renters (Reform) Bill, which was introduced in May 2022, is still dividing opinion in the lettings industry, according to a new survey by RentTech platforms Goodlord and Vouch.

The survey, which polled more than 2,000 letting agents, landlords and tenants, found that the majority of landlords (62%) felt pessimistic about the bill, while only 14% were optimistic. Letting agents were more divided, with 43% feeling pessimistic and 29% optimistic.

The bill, which is still going through Parliament, would ban "no-fault" evictions and introduce a number of other measures to protect tenants. However, landlords have argued that it would make it more difficult for them to rent out their properties and could lead to a decline in the rental market.

The survey also found that landlords were more negative about the introduction of a property ombudsman than letting agents or industry suppliers. Only 22% of landlords felt that the ombudsman would have a positive impact, while 42% of letting agents and 41% of industry suppliers were optimistic.

The ombudsman would be responsible for resolving disputes between landlords and tenants. It is seen as a way of providing more protection for tenants and ensuring that they are treated fairly.

The survey findings suggest that the Renters (Reform) Bill is still a controversial issue in the lettings industry. It remains to be seen how the bill will be implemented and what impact it will have on the market.

Here are some additional thoughts on the findings of the survey:

The fact that the majority of landlords are pessimistic about the Renters (Reform) Bill is not surprising. The bill would make it more difficult for them to evict tenants and could lead to a decline in the rental market.

The fact that letting agents are more divided in their views is interesting. This suggests that some agents believe that the bill could be beneficial to tenants and could help to improve the rental market.

The fact that landlords are more negative about the introduction of a property ombudsman is also not surprising. Landlords are concerned that the ombudsman would be biased towards tenants and would make it more difficult for them to evict tenants.

Overall, the survey findings suggest that the Renters (Reform) Bill is a complex issue with no easy answers. It will be interesting to see how the bill is implemented and what impact it has on the lettings industry.

If you are interested in knowing more or you are curious as to what your rental property is worth today drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!

Bank of Mum and Dad still Funding Purchases in South London

The Bank of Family is a term used to describe the financial support that families provide to help their loved ones buy a home. In South London, the Bank of Family is playing an increasingly important role in helping people get onto the property ladder.

According to research by Legal & General, 47% of all homes purchased in South London this year will be partially funded by the Bank of Family. This is up from 42% in 2022 and 35% in 2021.

The average amount of money being gifted by families in South London is £30,200. This is higher than the national average of £25,600.

The Bank of Family is playing such a big role in South London because house prices in the area are so high. The average house price in South London is now £500,000. This is out of reach for many people, even those who have a good job and a steady income.

The Bank of Family is helping to bridge the gap between what people can afford and the cost of buying a home in South London. It is also helping to level the playing field for people who do not have wealthy parents or grandparents.

Of course, not everyone has access to the Bank of Family. This can create inequality in the housing market, with those who have family support being able to buy a home sooner and easier than those who don't.

The government is aware of the problem and is looking at ways to make it easier for people to get onto the property ladder without relying on the Bank of Family. One of the proposals is to introduce a "shared equity scheme" where the government would provide part of the deposit for a home.

This is a positive development, but it is important to remember that the Bank of Family is not going away anytime soon. It is likely to continue to play an important role in helping people get onto the property ladder in South London and other parts of the country.

Here are some tips for homeowners who are considering using the Bank of Family to help them buy a home:

• Be clear about what you need from your family. Do you need a loan or a gift? How much money do you need?
• Be honest with your family about your financial situation. They need to know what they are getting into.
• Make a plan for repaying the loan or gift. This will help avoid any problems down the road.
• Be grateful for the help your family is providing. This is a big gesture and it is important to show your appreciation.

If you are interested in knowing more or you are curious as to what your rental property is worth today drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!

Zoopla Predicts Lowest transaction levels in a decade for South London Homesellers

The housing market in South London is slowing down, as rising mortgage rates and affordability challenges are making it more difficult for buyers to move.

According to Zoopla, the number of home sales in South London is down by 28% in the first half of 2023 compared to the same period last year. This is the biggest slowdown in sales in the region since 2008.

The slowdown is being driven by a number of factors, including:

• Rising mortgage rates: Mortgage rates have been rising steadily in recent months, making it more expensive for buyers to borrow money.
• Affordability challenges: The cost of living is also rising, making it more difficult for buyers to save for a deposit and afford monthly mortgage payments.
• Weaker demand: Some buyers are also holding off on making a move, waiting to see if house prices fall further.

The slowdown is having a mixed impact on different types of properties. Sales of smaller, more affordable homes have fallen less than sales of larger, more expensive homes. This is because smaller homes are more affordable for buyers who are on a tight budget.

The slowdown is also having a different impact on different areas of South London. Sales have fallen more in areas where house prices are highest, such as Richmond and Wimbledon. This is because buyers in these areas are more sensitive to changes in mortgage rates.

The housing market in South London is expected to remain subdued for the rest of 2023. However, there are some signs that the market may be starting to bottom out. Mortgage rates have started to fall in recent weeks, and there is some evidence that demand is starting to pick up.

If you are thinking of buying a home in South London, it is important to be aware of the current market conditions. You should also get pre-approved for a mortgage before you start looking at properties. This will give you an idea of how much you can afford to borrow and will make the buying process smoother.

Here are some tips for buying a home in a slow market:

• Be prepared to act quickly. When homes do come on the market, they tend to sell quickly.
• Be flexible with your criteria. If you are willing to compromise on things like location or size, you may be more likely to find a home that you can afford.
• Be prepared to negotiate. Sellers may be more willing to negotiate on price in a slow market.
• Don't give up. The housing market is cyclical, and conditions will eventually improve.

If you are interested in knowing more or you are curious as to what your rental property is worth today drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!

Most Important Feature in your South London Rental Property

The rental market in South London is a competitive one, with landlords vying for the attention of potential tenants. In order to stand out from the crowd, it is important to offer properties that meet the needs of renters in the area.

A recent study by Redmayne Smith has revealed the top five property features that are most desired by renters in South London in 2023. These are:

1. Parking: With many people in South London relying on cars for their commute, parking is a major concern for renters. Properties with allocated parking spaces are in high demand.
2. Furnished: Many renters are looking for properties that are move-in ready, so furnished properties are also popular. This is especially true for professionals who are relocating to the area and don't have time to furnish a property themselves.
3. Balcony or patio: A balcony or patio is a great way to enjoy the outdoors, and it is especially popular with renters who want to entertain guests or relax in the fresh air.
4. Proximity to schools: Families with children are looking for properties that are close to good schools. This is especially important in South London, where there are a number of highly regarded schools.
5. Bills included: Many renters are looking for properties where the bills are included in the rent. This can save them money and hassle.

In addition to these top five features, there are a number of other things that renters in South London are looking for in a property. These include:

• Good transport links
• A safe and secure neighborhood
• A modern and well-maintained property
• A spacious and bright layout
• A pet-friendly property

If you are a landlord in South London, it is important to consider these factors when marketing your property to renters. By offering a property that meets the needs of renters, you can increase your chances of renting it out quickly and for a good price.

Here are some additional tips for landlords in South London:

• Keep your property well-maintained and clean.
• Be responsive to tenant inquiries and requests.
• Offer competitive rent prices.
• Provide good tenant screening.
• Be a fair and reasonable landlord.

If you are interested in knowing more or you are curious as to what your rental property is worth today drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!

AirBnB Clampdown in South London

A body largely consisting of councils in Devon wants more controls over Airbnbs and other short lets. The Devon Housing Commission has written to Housing Secretary Michael Gove demanding two key legislative changes:

1. The requirement for registration of short-term lettings, in order to establish the facts.
2. The requirement for a change of use planning consent for any new short-term letting: this would enable each local authority to determine how many more holiday lettings of this kind should be acreated in their area.

The commission is a partnership between 11 local authorities and supported by the University of Exeter. It claims there’s been an increase of over 10 per cent in second homes across Devon since 2021.

It says it wants to limit growth of short-term lets by private landlords and companies, while still enabling people to supplement their income by letting rooms in their own homes.

It says there is widespread concern in Devon at the number of properties being switched from longer-term to short-term lettings, which is severely impacting local people in need of a rented home. The Commission believes this switching is a key reason for the fall of 50 per cent in private lettings across the county and by as much as 67 per cent in North Devon.

The commission's proposals have been welcomed by some local residents and businesses, but have been criticized by others who say they will stifle tourism and economic growth.

The government is currently considering the commission's proposals.

What do you think? Should there be more controls over short lets?

Here are some of the pros and cons of more controls over short lets:

Pros:

• Could help to reduce the number of properties being switched from longer-term to short-term lettings, which would make more homes available for local people.
• Could help to bring down rents, as there would be less competition for rental properties.
• Could help to improve the quality of accommodation available for short-term lets, as landlords would need to comply with stricter regulations.

Cons:

• Could stifle tourism and economic growth, as people would be less likely to visit places where there are strict controls on short lets.
• Could be difficult to enforce, as it can be hard to track down illegal short lets.
• Could lead to a loss of jobs in the tourism industry.

Ultimately, the decision of whether or not to introduce more controls over short lets is a complex one with no easy answers. It is important to weigh up the pros and cons carefully before making a decision.

If you are interested in knowing more or you are curious as to what your rental property is worth today drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!

South London Tenants Protected even AFTER tenancy!

With the cost of living rising and the number of landlords selling up on their properties increasing, tenants in South London are facing increasing financial uncertainty. However, there are a number of laws that protect tenants from landlord disputes.

Here are some of the most important tenants' rights in South London:

• The Tenant Fees Act 2019 prohibits landlords from charging tenants for a range of fees, including for referencing, inventory, and cleaning.
• The Landlord and Tenant Act 1985 states that landlords are responsible for repairs to the property, including fixing faulty appliances and making sure that the property is safe and in a habitable condition.
• Section 21 of the Housing Act 1988 allows landlords to evict tenants with just 8 weeks' notice, but this law is being abolished later this year.
• Section 48 of the Landlord and Tenant Act gives tenants the right to know the name and address of their landlord.
• The Tenancy Deposit Protection Act requires landlords to protect tenants' deposits in a government-approved scheme.
• If you are a tenant in South London, it is important to know your rights. If you have any questions or concerns, you should contact a housing advice agency.

Here are some additional tips for tenants:

• Keep a record of all communications with your landlord, including emails, letters, and text messages.
• Take photos of the property when you move in and when you move out to document the condition of the property.
• Be prepared to stand up for your rights. If your landlord is not complying with the law, you should contact a housing advice agency for help.

If you are interested in knowing more or you are curious as to what your rental property is worth today drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!

Bailiff Crisis Puts South London Landlords at Risk

A severe bailiff crisis is brewing in the UK, and South London landlords are particularly at risk.

The number of County Court bailiff evictions being put on hold or cancelled is increasing, due to a lack of Personal Protection Equipment (PPE) for bailiffs. This is compounded by the historic lack of investment in the courts, and rising interest rates, which are sparking landlord panic to exit the rental market.

In Q1 2023, landlord repossessions in the county courts rose by 69% in comparison to the same quarter in 2022. This is before Section 21 is abolished and more eviction cases end up in the courts.

Landlord Action, an eviction and housing law specialist, is calling on Judges at County Courts to start granting leave to transfer more eviction cases with serious arrears to the High Court to share the burden of rising workload.

Some landlords have already waited more than six months to reach the point of eviction and are being financially crippled by the delays. In one case, a landlord waited 16 weeks from the date the possession order was granted to the date the bailiff appointment was confirmed. However, the bailiff then called to say that the eviction could be delayed due to the PPE issue.

Paul Sowerbutts, Head of Legal at Landlord Action, says: "We've offered our client the opportunity to re-apply to have his case transferred up to the High Court, but naturally there is a reluctance as this is yet another cost for the landlord. Whilst the High Court could help alleviate the delays, it won't solve the crisis we are facing."

Daren Simcox, CEO of High Court Writ Recovery, a private bailiff firm, says that the number of County Court bailiffs employed by courts to attend evictions has been waning as government policy has affected team sizes. This means that some bailiffs now cover multiple courts, resulting in unmanageable workloads.

He adds: "The bailiffs simply don't have the time to wait, so if there is a problem on the eviction day, they are moving on after 10-15 minutes leaving cases unresolved.

"The current wait time for possession in some cases is 37 weeks from claim to possession – that's nine months and simply isn't acceptable. Judges should be granting permission to transfer up to the High Court as a matter of course, given the current circumstances."

If you are a landlord in South London, you need to be aware of the bailiff crisis and take steps to protect yourself. Here are a few things you can do:

• Start the eviction process early. The sooner you start, the sooner you will be able to get the eviction completed.
• Be prepared to pay for a High Court eviction. This is usually more expensive than a County Court eviction, but it is often quicker.
• Work with a qualified eviction lawyer. They can help you navigate the legal process and protect your rights.

If you are interested in knowing more or you are curious as to what your rental property is worth today drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!

Cash Buyers Are Paying Less Than Mortgage Holders in South London

 A new study has found that cash buyers are paying an average of £27,600 less than mortgage holders for properties in South London.

The study, by specialist property lending platform Octane Capital, compared transactions and prices in the mortgage and cash buyer markets between December 2021 and April 2023.

It found that the gap between cash and mortgage prices has widened in recent months, as the cost of living crisis has made it more difficult for people to get a mortgage.

In the South West, cash buyers accounted for 38% of transactions during the study period, compared to 22% in London.

This suggests that there is more competition from cash buyers in the South West, which is driving down prices.

Octane chief executive Jonathan Samuels said: "It's always been easier to buy with cash than spend time arranging a mortgage, but in the current environment it seems that advantage is bigger than ever, with cash buyers saving £27,600 compared to their mortgage counterparts.

"Mortgaged buyers are subject to more processes and delays, making it hard to compete with those who can swoop in with an immediate lump sum of cash.

"It's also far tougher to qualify for a loan than in late 2021, as surging interest rates make it harder from an affordability perspective, so buying with a mortgage is not an easy task.

"If you are able to qualify for a mortgage, our data suggests you should get your finance arranged as quickly as possible to ensure you can seal the deal, even if you have competition from a cash buyer.

"In some regions, like the South West, that competition is particularly fierce, so you have to be ready to hand over the money."

The study also found that the gap between cash and mortgage prices is widening in every region of Great Britain, with the exception of London.

This suggests that the trend of cash buyers paying less than mortgage holders is likely to continue in the coming months.

If you are a homebuyer in South London, it is important to be aware of the competitive landscape and to make sure you are prepared to act quickly if you find a property you want to buy.

Here are some tips for homebuyers in South London:

• Get your finances in order as early as possible. This will make it easier to get a mortgage and to compete with cash buyers.
• Be prepared to act quickly. If you find a property you want to buy, be prepared to put in an offer as soon as possible.
• Be realistic about your budget. The competition from cash buyers is likely to drive up prices, so you need to be realistic about what you can afford.
• Don't be afraid to negotiate. If you find a property you love but it is out of your price range, don't be afraid to negotiate with the seller.

If you are interested in knowing more or you are curious as to what your rental property is worth today drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!

South London Buy-to-Let Investors: Secure a New Mortgage Rate Now

 The Bank of England is expected to raise the base rate again in September, which could mean higher mortgage payments for buy to let investors in South London.

Gavin Richardson, the managing director of Mortgages for Business, is urging investors to secure a new mortgage rate as early as possible, even six months in advance.

"I think inflation will fall as low as five per cent in the final quarter of this year," he says. "But the Bank of England is still going to increase the Base Rate in September — probably by a further 0.25 per cent.

"So if you're approaching remortgage, while I expect inflation to ease, I recommend securing a new rate as early as possible.

"For some lenders, this can be up to six months before the end of your Early Repayment Charge period. If mortgage interest rates decrease, many lenders allow you to switch to a more competitive product should one become available before you complete.

"If you are on a tracker or variable mortgage that follows the Base Rate, you have time to secure a fixed-rate deal before the next [Bank of England] meeting.

"If you wait, you will see your mortgage repayments increase once again following the Base Rate rise. It's worth exploring your fixed-rate options with a broker to see how much you could save on your monthly payments."

The government announced the Consumer Price Index inflation rate was 6.8 per cent in July, down from 7.9 per cent in June. Inflation peaked last October, around the time of the failed Truss-Kwarteng mini-budget, at 11.1 per cent.

The Bank of England next meets on September 21 to discuss base rate. Richardson concludes: "As long as inflation continues the same downward trajectory though, we forecast the next rise will be the final increase this year."

If you are a buy to let investor in South London, it is important to act now to secure a new mortgage rate. The sooner you act, the more likely you are to get a good deal. A mortgage broker can help you compare rates and find the best deal for your needs.

Here are some tips for securing a new mortgage rate:

• Start the process early. The sooner you start, the more time you will have to shop around and compare rates.
• Get quotes from multiple lenders. Don't just rely on one lender's offer. Get quotes from at least three different lenders to see who can offer you the best deal.
• Be prepared to switch lenders. If you are not happy with your current lender's offer, be prepared to switch to a new lender.
• Consider a fixed-rate mortgage. A fixed-rate mortgage will protect you from interest rate increases for a set period of time.

If you are interested in knowing more or you are curious as to what your rental property is worth today drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!

South London Property Market Update: Asking Prices Drop as Sellers Seize the Initiative

The average asking price of newly marketed properties in South London has fallen by 1.9% this month to £364,895, according to the latest Rightmove figures.

This is the biggest drop in asking prices at this time of year since 2018, outpacing the average drop of 0.9% in August’s traditional summer slowdown.

Rightmove says the much larger than usual price drop this month indicates that some sellers are "seizing the initiative" and heeding their agents’ advice to price competitively for their current local market conditions, in order to attract a buyer against the backdrop of holidays, cost of living pressures, and the highest Bank of England Base Rate since 2008.

What does this mean for buyers and sellers?

For buyers, this is good news. It means that there are more properties on the market at more affordable prices. If you are looking to buy a home in South London, now is a good time to start your search.

For sellers, it is important to price your property competitively. If you price your property too high, it is likely to sit on the market for longer and you may have to make a price reduction.

What are the key factors affecting the South London property market?

The main factors affecting the South London property market are:

• The rising cost of living, which is making it more difficult for people to afford to buy a home.
• The increase in interest rates, which is making mortgage payments more expensive.
• The ongoing uncertainty caused by the war in Ukraine.
• What is the outlook for the South London property market?

It is difficult to say with certainty what the future holds for the South London property market. However, it is likely to remain challenging for buyers and sellers.

If you are considering buying or selling a home in South London, it is important to speak to an experienced property advisor who can help you understand the market conditions and make the best decision for your circumstances.

Here are some tips for buyers and sellers in the South London property market:

Buyers:

• Be prepared to act quickly when you find a property that you like.
• Be prepared to negotiate on price.
• Consider getting a mortgage pre-approval before you start your search.

Sellers:

• Price your property competitively.
• Get your property professionally staged.
• Market your property widely.

If you are interested in knowing more or you are curious as to what your rental property is worth today drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!