Regional Property Market Update Winter 2021: London
Sales remain brisk as demand continues
The market is busier than in any year since 2007. In the first nine months of 2021, HMRC estimate that more than 1.2 million homes changed hands, 47% higher than the long-term UK average (2010–2019) and just 50,000 fewer than the same period in 2007. On average, there is now only 2.2 months’ worth of stock available in the UK, compared to four months’ stock in 2019 (TwentyCi).
Wandsworth, Bromley, Greenwich and Havering are the most active housing markets in London, where the average annual rate of housing stock turnover is 3.6%.
On the up
The average price of a property has increased significantly during the past year, a number of localities experiencing double-digit annual price growth. Agents anticipate price growth will moderate over the coming months to more sustainable levels, with predicted growth of 2.0% in London during 2022 (Zoopla). According to Dataloft, the annual increase in the average property price in the capital is £36,500.
Keeping warm
COP26 focused attention on the environment and energy efficiency. An Energy Performance Certificate (EPC) is needed whenever a property is built, sold, or rented. While 90% of new build properties achieve the highest A or B rating, just 1 in 14 resale properties currently reach that grade, although 60% could with improvements. Upgrading could prove lucrative; resale properties rated A/B currently attract a 13% price premium (based on £psf), compared to those properties with the average D rating1.
Properties for sale in the London
Greenwich, London, 3 bedrooms
This stunning three-storey substantial Victorian house has been sympathetically refurbished with no expense spared by the current owners over the last few years. Currently offering three double bedrooms and two bathrooms, there is the potential to extend further by way of a loft conversion (subject to planning permission). The wow-factor feature of this home is the garden-floor kitchen/living/dining room, which is open plan to provide excellent entertaining space, while bi-folding doors open to the rear garden.
Wimbledon, London, 5 bedrooms
Enjoying an enviable position within Wimbledon Village, with stunning views towards central London and the North Downs, this three-storey five-bedroom period house has been well maintained and offers many individual features, including a beautiful stained glass front door and a tessellated tiled hallway. On the ground floor, there is an elegant sitting room with a wood burning stove and, to the rear of the house, a family friendly, partially open-plan TV room and a kitchen and dining area, which has picture windows overlooking the sunny west-facing mature garden, that is well screened by mature trees.
Belgravia, London, 2 bedrooms
Situated in the very quiet and private cul-de-sac of Kinnerton Place North in Belgravia, this two-bedroom house is well laid out and well presented throughout. Accommodation comprises a reception room and a kitchen-dining room on the ground floor, as well as two bedrooms with a bathroom on the first floor.
Contact us
As property prices continue to rise and the UK hits a record number of sales for autumn, sell your property with experts in the property industry this winter. Contact your local Guild Member today.
