Wandsworth House Prices Update

What is happening to the Wandsworth property market.

What has attracted more buyers to the market?

Buyers it seems want to lock into a fixed mortgage knowing the Bank of England are likely to raise the base rate to 1% when they reconvene next month. The demand has been accentuated by office workers returning to London. This is a complete turnaround from last year where many buyers were heading out of London to the suburbs for more space.

The buyers are there so we need more stock to cater for buyer demand which is why spring couldn't have come at a better time, as they really do require more choice which hasn't been that great over the first quarter of the year (Q1). We are registering buyers all the time in the areas we cover most notably Wandsworth, Putney & Southfields.

Whilst there is strong demand will the cost-of-living crisis dampen demand?

Given that inflation is on the rise as are mortgages the home buying appetite maybe curtailed in the latter part of the year. Let us face it we are all going to have to tighten our purse strings whether we like it or not, inflation is soaring at 7% and is set to be even higher in the coming months. Household bills are on an upward trajectory, as is the price of fuel, food and clothing, buyers' budgets will be restricted. Having said that this is all relative to people's income and in areas which are quite affluent the knock-on effects aren't going to be felt as much as in less affluent areas. Wandsworth is a strong housing market aided by an average annual income of £94,000. 24% of households have a mortgage whilst 54% own their own property outright with no mortgage and the most common age group of locals in the area is between 26 to 35 years.

What about House Prices in Wandsworth?

As mentioned above spring is in the air which brings more opportunities for buyers as there are more properties marketed traditionally this time of year. We are no way near the point where supply exceeds demand to get concerned about house price depreciation. Whilst the economic picture and the cost-of-living crisis is a concern it is not going to cause the market to crash in Wandsworth otherwise we would have seen it by now. Owners of terraced houses are happiest about the property market over the last year, they have seen their properties rise in value to just over 2%. The weakest price in house value remains in flats and maisonettes they have largely remained unchanged over the last year.

Thinking of selling your property in Wandsworth & surrounding area?

When it comes to selling your property its an important decision not necessarily dictated by how well or bad or flat the market is, but about finances and life decisions which are unavoidable. You may wish to sell now or in the future, whatever your decision as a homeowner we can assist you through the process making the sale of your property our top priority.

Give us a call to find out more and ask for Matt; 020 8870 5800 alternatively if you would like to get started request a free, no obligation valuation of your property.

We cover a wide area of SW London including. Wandsworth, Putney, Southfields, Earlsfield, Tooting, Balham, Wimbledon, Clapham Junction, Nine Elms & Battersea. We also cover parts Surrey including; Mitcham, Wallington, Croydon, Sutton & Purley.

*Research on house price growth in Wandsworth comes from Zoopla.