Regional Property Market Update Summer 2021: London
2021 is set to be one of the busiest sales years in over a decade
Agents report the sales to stock ratio across London is at its highest level since the summer of 2016 (RICS). Across London the annual rate of housing stock turnover is 3%. The most active markets are currently Tower Hamlets, Greenwich, Bromley, Wandsworth and Lambeth.
Price growth strengthens
Month-on-month average property prices are rising in all regions of the UK. Although year-on-year price growth across London is marginally lower than the 4% recorded a year ago, double-digit annual price growth is currently evident in three areas in the capital. While a lack of supply has not been as pronounced in London as in other parts of the UK, there is clear evidence of rising demand.
A seller’s market
Market activity is fast-paced. According to Rightmove, the average time taken to sell a property in London is 57 days.The proportion of properties selling within their first week of listing is at a record high (Zoopla) and the average time taken to sell a property in the UK is nearly three weeks quicker than in April 2019 (Rightmove). Lifestyle change continues to drive demand, buyers also aided by the extension of elements of tax relief and the new 95% government-backed mortgage guarantee scheme, available on either new or resale properties.
Properties for sale in the London region of the UK
Camberwell, London, 5 bedrooms
This imposing and spacious Georgian house, built in 1771, spans over five wonderful floors. Sympathetic restoration has been carried out with extraordinary attention and respect to the original Georgian aesthetic. The result marries perfectly traditional splendour with top quality contemporary infrastructure. All fixtures and fittings have been produced by master craftspeople at the apex of their professions. A state-of-the-art kitchen by Bulthaup and Gaggenau creates a most elegant cooking environment, whilst the bathrooms and sanitary ware throughout are by Boffi, Agape and Vola.
Wimbledon, London, 5 bedrooms
A most impressive and appealing detached family house with a gated driveway and spacious open-plan reception areas, which has been refurbished, improved, and lovingly maintained by the current owner. The property combines a traditional character exterior with a modern interior, with luxurious bathrooms, a modern contemporary kitchen and natural stone floors throughout the ground floor. There are bi-fold doors that lead from the living area to the mainly lawned garden, which is ideal for entertaining, has a paved seating area and is surrounded by mature hedge plants.
Camden, London, 3 bedrooms
An elegant, three-bedroom period house, tucked away in a tranquil setting, in the heart of Camden. This two-storey Victorian terraced house encompasses a vibrant yet cosy feeling, ideal for entertaining or working from home. The centrepiece of this fine property is its lovely ground floor, featuring a spacious open-plan double reception room leading directly onto the kitchen/dining room, in turn to a well-maintained garden. The first floor features the master bedroom, two further bedrooms and a three-piece modern bathroom suite.
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Take advantage of the seller's market this summer with the best agent in your area. Contact your local Guild Member today.
