Navigating the South London Property Market: Key Insights for Buyers, Sellers, and Landlords
The latest Rightmove market update reveals significant shifts in the property landscape. Here's what South London stakeholders need to know:
- Price Adjustments: The average asking price fell by 1.3% in August to £368,740. This decline, amounting to £10,777 over the summer, signals a buyer's market. Sellers should price competitively to attract interest.
- Sales Momentum: Despite the price drop, sales agreed in July were the strongest since 2020, up 8% year-on-year. This indicates that well-priced properties are still in demand. South London homes can move quickly if priced right.
- Increased Stock: Stock levels are 10% higher than last year, but new listings are only 4% up. This could hint at supply peaking. Buyers have more options, but sellers must act swiftly to avoid being left behind.
- Negotiation Power: With 34% of listings reducing prices, buyers can negotiate on homes that have been on the market for over 60 days. This is a prime opportunity to secure a better deal.
- Mortgage Trends: The average 2-year fixed rate is now at 4.49%, down from 5.17% a year ago. This aids affordability, but caution is advised as further rate cuts are uncertain. Lock in rates soon, but remain flexible for potential future drops.
In this evolving landscape, South London buyers should leverage their negotiating power, while sellers must ensure they price their homes competitively from the start. Landlords should be strategic, considering refinancing options in a market where yields are under pressure.
What strategies are you implementing to navigate these market changes?
#SouthLondonProperty #RealEstateInsights #MarketTrends
If you are looking for help with your property in London – Sales, Rentals, Investments.
Reach out: 07837 093554 or email me at jeroen@claphampropertyblog.com
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