With the acres of green space offered by royal parks and commons, a waterfront vista (for a lucky few), as well as thriving communities and some of the capital’s most sought-after schools, it comes as no surprise that South West London is hailed upon time and time again by young couples, expectant parents and growing families as well as downsizers.
“South West London is one of those areas that serves families throughout their entire property journey and so once settled, home owners seldom want to leave,” says Robin Chatwin, head of Savills South West London, who can certainly attest to that having lived and worked in the area for over 35 years while raising a family of his own. “Yes, some might migrate from Putney to Wandsworth and others from Clapham to Battersea, but the crux of it is, that families are never more than 20 minutes or so from their old address”, says Chatwin, who oversees the region’s 10 offices.
“In reality, it’s not uncommon for us to see buyers return to us over the years, as they upsize and downsize according to their needs. We’ve seen young couples purchase their first flat through us, sell it a few years later in search of something bigger and that accommodates a growing family, as well as empty nesters relinquish their space in search of something more manageable. The cycle of larger and smaller homes being released back into the market therefore continues to draw people to South West London, particularly from those looking to achieve that lifestyle balance between London and the country side – an enduring appeal that’s not waivered since the pandemic.”
“Demand has certainly remained steady over the last quarter, with average values remaining broadly flat (0.1%) during the first quarter, according to Savills Q1 prime index. This compares to the fall of -1.2% experienced in the final three months of 2022 and leaves values at the same level they were a year ago,” explains Chatwin, who has experienced the highs and lows of the market over the last few decades of his career.
“Higher-value properties continue to outperform as they tend to be less impacted by higher interest rates. That being said, realistic pricing has continued to determine and drive activity levels in the market. Well priced stock continues to command good levels of interest, some competitive bids and properties still achieving their guide price or above.”
“With the new academic year just a few months away, momentum has begun to build on a local level, particularly among families wanting to move and be settled before the summer holidays. Properties on prime roads surrounding a popular school always generate a buzz and therefore can be met with a good level of competition.”
In fact, the levels of commitment to moving has improved in both the short and long term, according to Savills most recent survey, which showed +27% looking to move over the next three months and 35% looking to move within the next year.
Chatwin also explains what type of properties are gaining traction. “When it comes to what buyers want, it’s the best in class properties - usually comprising of five or six bedrooms, with outside space and multifunctional living space – that are typically most sought after. Properties in turn key condition or those that require minimal adjustment are also highly desired among buyers at all levels of the market, particularly given that the wider market is becoming increasingly price sensitive.”
According to Savills most recent buyer and seller survey, 22% of London respondents are looking to purchase an immaculate property, and a further 62% want one that only requires some minor refurbishment. Chatwin explains that, “a vast majority of buyers want to move in and be able to live in the space right away, especially those with children in tow. While the house itself needs to be right, the location and proximity to the school gates will also ‘seal the deal’ for a buyer”.
“In the same breath, the demand for outdoor space - a trend which emerged during the pandemic -continues to shape buyer choices right across the region. Demand for homes with larger gardens and outside space has increased significantly over the past three years meaning that those that do come with outside space, command a higher premium than ever before.”
With three children of his own, Chatwin knows the benefit of having a garden - whether it’s for kids to let off steam, to enjoy with family and friends during the summer months or used to nurture flora and fauna. Chatwin explains that “the value of homes with large gardens in London is up to 15.2% higher than those with no outside space, on a £/sq ft basis according to our latest prime index”.
“The breadth of extra-curricular activities, clubs and sports facilities in South West London also plays into the lifestyle equilibrium that so many strive to achieve when moving or relocating here. The micro communities formed around the clubs have enabled families to stay local and help clubs flourish”, describes Chatwin.
South West London is host to some of the largest independent sports clubs in the UK from Spencer Cricket Club, of which Savills is a sponsor of, and London Wayfarers Hockey Club through to Rosslyn Park Sevens and Battersea Ironsides Rugby Clubs.
“With so much to offer, it’s easy to see why the South West continues to draw in buyers, year after year”, Chatwin concludes.
Robin Chatwin can be contacted via email RChatwin@savills.com