South West London is home to many of London’s most desirable villages, highly sought after for their green spaces, great schools and thriving communities. It’s easy to see why families who call any of these villages home – whether it’s Barnes, Richmond, Kew, Wimbledon or one of the area’s many other leafy locations or riverside enclaves – rarely want to leave.
“Over the past year we’ve seen less movement out of South West London than in previous years, families have forged strong ties in their local community, have realised that the area offers the ideal balance of city and countryside living, and are committing themselves to their area for the long term” says Robin Chatwin, head of Savills south west London residential region.
Having lived and worked in the area for over 25 years and having three children of his own, Chatwin knows first-hand the appeal of one of the area’s main draws, the schools. “The schools in South West London have long since been excellent and they continue to go from strength-to-strength. It is notable that more secondary schools are opening their doors in response to parents’ desire for local schools within walking distance of home”. Recently Thomas's Putney Vale opened for pupils aged 13 to 16 and the London Park School in Clapham will welcome its first cohort, aged from 11 years old, in September.
Having more options for education is not only enabling more families to stay local, it is also enabling local sports clubs - and the resulting heathier and happier lifestyles - to thrive. Many of South West London’s local sporting clubs have experienced huge growth in recent years. Rosslyn Park Sevens is now the world's largest school rugby tournament, seeing 10,000 boys and girls aged 11 to 18 competing annually, while Spencer Cricket Club in Earlsfield which celebrated its 150th anniversary in 2022 is now one of the biggest junior cricket clubs in the UK with nearly 1,700 members. Also in Earlsfield, Battersea Ironsides Rugby Club has one the UK's largest minis' and juniors' sections, London Wayfarers Hockey Club is the biggest hockey club in London and has over 900 young members and then of course there are many schools with rowing clubs and boat houses dotted along the river at Putney Embankment.
Chatwin explains that “while the longer and lighter spring days around Easter usually signal the start of the busy property selling season, this year was off to a sound start much earlier than usual. Recent activity levels signal that the idea of seasonality has shifted, certainly this year at least. January saw our Northcote Road office agreeing four deals on £3million plus homes in just two days and despite the increased uncertainty of recent months, Savills latest survey revealed that buyer commitment has improved since its previous survey last summer”.
“It seems that the legacy of the pandemic – where buyers were driven by lifestyle choices and the birth of the ‘race for space’ phenomenon – is now permanently ingrained in the UK buyer's psyche and expected to continue to shape choices in 2023. The value of home life is now more important than ever which is translating into our buyers taking a longer-term view when searching for the perfect home. We are increasingly seeing buyers stretching themselves that little bit further to secure a bigger, dream home and this makes perfect sense when you consider that 60% of buyers plan to stay in their new home for 10 or more years” explains Chatwin.
The survey also revealed that buyers are continuing to prioritise proximity to parks and open spaces. Leafy environs have continued to grow in popularity since the start of the pandemic and have been among the top performers in terms of price growth over recent years. East Sheen, Richmond and Wimbledon have seen double-digit price growth between March 2020 and December 2022. Meanwhile £5 million-plus purchase prices are increasingly being achieved in outer prime locations – including Clapham, Battersea and Putney – largely driven by demand for larger family homes with more space both inside and outside, according to recent research carried out by Savills.
Despite widely reported economic challenges, there is now more stability following the tumultuous mini-budget and there is a committed cohort of buyers who are dedicated to purchasing, and recognise now as a time of great opportunity, with the lack of available stock in our market continuing to drive the focus and determination of even our most discretionary buyers. At the prime level of the market, we find that transactions are often lifestyle purchases; buyers that don’t necessarily need to buy, but are motivated by a home’s ability to enhance their lifestyle.
It’s not just large family houses that are seeing unusual levels of interest for the time of year, we’re seeing activity at all levels of the market. A younger crowd is drawn by the area’s convivial feel, a culmination of the riverside pubs, independent cinemas and weekly farmers’ markets. In the three years to 2024, almost one in two first time buyers will get financial help from a parent or other family member, according to Savills research, as rising house prices put the pressure on those saving for a deposit. With the rising cost of living it is anticipated that the role of the bank of Mum and Dad will remain a key avenue of support to those able to access it, Chatwin adds.
Additionally, after last year’s autumn turbulence, mortgage rates are starting to stabilise which should give renewed confidence to first time buyers, those looking to remortgage and those who may have put their moving plans on hold. According to Jaime Harris, partnerships director at SPF Private Clients “after several years of unusually low mortgage rates, this year should see rates return to normal and we are likely to see rates starting with a 3 before too long. Lenders are also keen to lend following last year’s slow down in the wake of the mini budget and with more competition returning to the market, lenders will become more flexible with their range of products and borrowing requirements, making it easier to borrow.”
Robin Chatwin can be contacted via email RChatwin@savills.com or on 020 8877 1222.