Tuesday 24 October 2023

What South London Homeowners Really Think About Cooling House Prices

Hey South Londoners, from Brixton to Dulwich! Ever wondered how your neighbours feel about the property market's cooling temperatures? eXp UK took a deep dive, surveying over a thousand UK homeowners, and the results might surprise you.

Getting On That Property Ladder: Not Just About the Money

Before even hunting for that perfect pad, a whopping 89% of surveyed homeowners felt that stepping onto the property ladder was crucial. But it's not all about the money—51% said they just wanted a place to call their own, free from landlords and those pesky rent hikes.

The Real Reasons We Buy Homes in South London

What's driving us to grab those keys? A solid 16% want to lay down roots and start a family. Investment? Not so much. Just 12% say their main drive was to turn a profit down the line. Looks like the South London spirit values community and stability more than quick cash.

Cooling Prices? Most South Londoners Say, "Bring It On!"

With all the talk about cooling prices, you might think homeowners would be in a panic. But nope, 83% actually think it's a good development, bringing us back to more realistic levels after the pandemic's property madness.

Is a Housing Market Crash Looming? Not Losing Sleep Over It

The big question: Could this all snowball into a housing market crash? Only 27% are biting their nails, while a cool 49% couldn't care less. Resilience? We've got it in spades down here in South London.

Long-Term Optimism: The South London Way

Even with today’s chillier market, 86% are confident they'll sell their home for more than they paid. And get this—should they sell for less, most homeowners would have zero regrets. In fact, 72% said that even if they knew they'd lose money, it wouldn't have stopped them from buying. Now that's commitment to the cause.

The Bottom Line: It's About More Than Just Bricks and Mortar

Adam Day, the head honcho at eXp UK, sums it up: "What's often missed in the endless chatter about house prices is the bigger picture. For most of us, it's not just about the financial return. It's about having a spot to call your own, connecting with the community, and building a secure life."

So there you have it, South London. Whether you're in it for the long haul or just eyeing the market, remember what makes this area special—it's not just about the price tag.

Make sure to drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!

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