Wandsworth House Prices Update

What is happening to the Wandsworth property market I hear you ask?

Well spring is in the air which brings more opportunities for buyers as there are more properties which come on the market traditionally this time of year!!

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, Clapham and Battersea.

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.

If you or anyone you know within the Wandsworth Borough have any property needs or require any further assistance, please do not hesitate to get in touch.

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