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!