South West London
Taking in riverside locations such as Putney, Barnes and Teddington as well as the leafier pastures of Wandsworth and Clapham, South West London is an area that has been perennially popular with buyers wherever they are in their property journey. From first time buyers, to those upsizing or even downsizing, what remains consistent throughout is that many people are choosing to stay local with their search.
“Having long been an area favoured for its community, green space, excellent schooling and accessibility to the city centre, it’s easy to see why people want to make their next move within the boroughs we cover”; says Robin Chatwin, who heads up Savills South West London region.
Having lived and worked in the area for over 25 years, Chatwin has seen buyers coming back time and time again throughout their property searches over the years. “It’s not uncommon for us to see buyers purchase their first flat through us, sell it later down the line and then upsize as their family grows. As you’d expect from people moving with a family in tow, there are important factors to consider such as distance from the school gates, transport links and the flexibility of a home.”
“As such, best in class properties - usually comprising of five or six bedrooms that can be used accordingly as families grow, or double up as office space – are typically most sought after. Turnkey properties or those that require minimal adjustment are also highly desired among buyers at all levels of the market, particularly with the rising costs of materials, which has deterred a few buyers from taking on a project.”
“In more recent weeks, especially with the new academic year starting and with students having flown the nest for university, we’ve seen some buyers downsizing – no longer needing the surplus space” details Chatwin, who has three grown up children of his own. “In a recent survey of Savills clients, it was found that downsizers remained committed to their move, despite the economic outlook with 6.6% of the survey pool looking to move in the next 6 months” explains Chatwin.
And while the motive to move for some is purely to reduce the size of their home, for others it’s about releasing equity. In fact, home owners in London could “unlock” as much as £239,000 should they choose to downsize, according to recent research carried out by Savills.
“As result of those downsizing, some of the larger family homes have come back to the market. However, they don’t stay there for long” explains Chatwin. “With many domestic and international buyers opting for South West London and those currently living in the areas looking to trade up there’s certainly still a sense of demand outweighing supply, which prompts buyers to pay above a guide price and bid competitively for the property they want.”
As result, annual price growth in prime South West London was up some 5.1% compared to the 3.3% in prime central London, according to Savills latest Prime London Index.
Chatwin adds, “So with those wanting to move to South West London paired with wanting to stay near to what they know, family and friends, the demand doesn’t seem to waver.”
South East London
Seemingly undiscovered until more recent years are the easterly locations of Dulwich, Peckham and Herne Hill. Once offering relative value for money, these enclaves have seen buyers put down roots over the years and now draw people in from central London to its south-easterly location. These areas are largely celebrated for their lifestyle balance, offering a short commute into the city centre, open space, parks and commons as well as a sense of community.
“The schools here are world renowned and are a big pull for families relocating across London and overseas. In fact, we’ve seen buyers opt for properties in South East London from the likes of Hampstead and St John’s Wood, particularly over the last few months wanting to be settled before the new school year”, describes Chatwin who understands the education system well, having been Deputy Chair of Governors at Finton House School for many years.
“Families are very drawn to Dulwich Village - a very small area that packs a punch”, describes Chatwin. “There is seemingly an ongoing love affair with London’s villages with young buyers across all levels of the market recognising that city suburbs and leafier locations provide the best of both worlds.”
According to the latest Savills Prime London Sales Index, demand from these affluent space-seekers means that houses in London are continuing to outperform flats on an annual basis. Houses in outer prime London grew +6.3% on the year in Q2 and by +3.7% in prime central London, compared +2.8% growth for flats in both markets, although the gap between the two is starting to narrow.
However, it’s not just families that South East London attracts, explains Chatwin. “While offering a taste of the country, the village itself is boarded by Lordship Lane, a busy high street lined with shops, cafes and bars – a draw for younger professionals enjoying the city once more post pandemic. Properties here are typically smaller Victorian terrace or semi-detached homes – many of which are split into lateral apartments.”
“In neighbouring Peckham, Herne Hill and Streatham values can be slightly lower than those in Dulwich, however prices there have seen an increase of in recent years” says Chatwin. “Like many places, once a few people move and that sense of community starts to build, others tend to follow”.
“In fact, year to date we have seen nearly double the number of applicants register their interest in areas like Dulwich versus
the whole year in 2021 - a fine example of how South East London has continued to make its mark as a highly desirable place
to call home.”
Robin Chatwin can be contacted via email RChatwin@savills.com or on 020 8877 1222.