South London's Property Market Alert: Summer Chill Leads to 12-Year High in Price Drops!

 

Fellow South Londoners, it seems that the scorching sun wasn't the only thing taking a break this summer. According to the latest data from Rightmove, new seller asking prices in areas like Clapham and Brixton have only increased by a marginal 0.4%. That’s the lowest jump we’ve seen in years, leading some to slash their asking prices in a way we haven’t witnessed since 2011. If you've been mulling over the ideal time to upgrade your living situation, now might be your golden opportunity!

So, What’s The Score?

Despite traditionally being a "hot" season for property, the market this summer has been as chill as a pint at your local pub. The average asking price for new properties on the market now stands at £366,281. It's time to heed the experts: overpricing at the outset is a no-go. Rightmove's Tim Bannister puts it aptly: “It’s been a slower than usual August...Market conditions still vary considerably in different locations, and a local estate agent will be best placed to advise."

New Listings and Buyer Enquiries

While new listings took a snooze, falling 6% below the ten-year average, buyer enquiries stayed steady. However, the proportion of deals closing has dipped compared to pre-pandemic years. First-time buyers, here’s some good news: your sector continues to perform well, and mortgage rates are on a seven-week decline. Yes, you read that right!

Price Drops: The Real Deal!

Here’s the kicker: we've seen a 12-year high in price reductions. Around 36.3% of properties have had at least one price drop, the largest slice since January 2011. For an average South London property priced at £366,281, that could mean reductions upwards of £22,709!

Your Next Steps?

If you’ve been dreaming about a new home near Clapham Common or eyeing a period property in Dulwich, this autumn season could be your chance to make a move. Mortgage rates are dropping, sellers are becoming more flexible, and let’s be honest, who wouldn’t want to settle in before the holidays?

Whether you're taking your first step onto the property ladder or looking to climb higher, now's a good time to talk to a local estate agent who knows the ins and outs of South London. I recommend you to drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!