Our latest housing market report focuses specifically on south west London, where house prices have been more resilient than in other parts of the capital. The effective closure of the housing market at the start of lockdown resulted in central London prices falling by around 10%-15%, whereas prices in south west London only fell between 3%-5%.
The initial negative impact of the first lockdown was largely compensated for by a surge in buyers returning to the market since the summer. The effect of the second lockdown proved initially to be negligible however, the recent announcement of a Covid-19 vaccine created an instant surge in buyer/vendor enquiries.
Assuming the second lockdown ends early December and there is limited Brexit disruption, demand from buyers is likely to remain strong until at least the end of the stamp duty holiday next March; and we could see a slight increase in prices over the coming months. Buyers, however, are likely to remain price sensitive against a probable background of continued economic uncertainty and lenders increasing mortgage rates.
You can read the full report below.
If you would like to discuss the current property market in south west London, or your future property plans, get in touch with one of our offices here.