Springtime is commonly thought to be the perfect time to sell property. The abundance of natural light shows off the best your property has to offer, and the improved weather tends to motivate buyers and sellers alike.
If recent trends in property values in our local area are an indicator of anything, it is that sellers can soon expect to be very busy.South East LondonColdwell Banker Southbank has gathered and analysed the latest data from the Government’s Land Registry. Our findings have painted a positive picture of how house prices have developed; both in the South East of London as a whole and in the four boroughs that Coldwell Banker Southbank operate in; Lewisham, Lambeth, Southwark and Westminster.Whilst property values in London have experienced a fall in the average annual growth of 3%, the majority of the boroughs we operate in have experienced a rise in annual growth, with Lewisham experiencing the largest rise of 5.3% when compared to figures from February 2017.Additionally, each of the four boroughs has seen a rise in values between February and March. Of the four boroughs we work with, property in Southwark experienced the highest rise, with a 3.2% leap in value between February and March this year.In comparison, our neighbouring boroughs have experienced negative growth, both yearly and annually.Tower Hamlet and Bromley experienced a 2% and 0.7% drop in the value of property between February and March. In terms of yearly value, Kensington & Chelsea and Wandsworth both experienced a slump, with annual values falling by 1% and 2% respectively.Looking at the figures in the primary postcode that we operate in, house prices in SE1 have experienced an annual growth of 7.8% - a very positive figure.How does the South East compare to London as a whole?Compared to the statistics from Rightmove’s recent property value report, property prices in our four boroughs appear to be something of an anomaly. When folded into the averages for Inner London that are presented in the below table, the growth seems muted. However, when each borough is viewed individually we can see that that the monthly change is actually higher than the average for the area. It is also higher than average when compared to the other areas of London.London’s Average Asking Prices
Thinking of buying in one of our boroughs?
Rightmove’s report also analysed the average asking price of property broken down by market sector (see below).When compared with the data that we have collected, we can see where each borough fits into the market sector.The average value of property in Lewisham makes it perfectly suited to first-time buyers, whilst second-steppers can afford property in both Lambeth and Southwark.At the end of the spectrum, property in the much-sought-after Westminster is exclusively for
top of the ladder buyers.What does this mean for buying and selling?Continued investment in the South East boroughs will see values continue to climb. For landlords, investing in the area as soon as possible should be a priority. Should monthly growth continue over the next decade, your portfolio could be worth between 10%-30% more by 2028.
For sellers, the continued desirability of these areas, coupled with rising values, puts you in a position of strength when putting your property on the market. If you wish to discuss our findings further, or if you have a property to sell and would like to take advantage of the strong growth in the area, get in touch with the team at Coldwell Banker Southbank.