Moveli Newspaper - London Edition (June 2022)

JUNE 2022 MARKET COMMENT TOP PROPERTY PICKS

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We help home owners navigate the minefield of selling or letting by providing a 5-star service from highly experienced estate agents that results in a lower stress, higher price sale or let.

17.5

5.0 2( 22)

AV ERAG E YEARS EXPERIEN C E O F A MOV ELI AGENT

020 3150 0733

03

Is the wind about to come out of the market?

J O S H WO O D F I N PR O P E RT Y J O U R N AL I ST

Long story short, houses prices are sky high, stock is very low, but word on the ground is that everything is about to shift (again), due to the cost of living crisis, rising interest rates, the war in Europe and the continued impact and repercussions of Covid. Let’s unpack this in a bit more detail.

According to the latest Halfiax House Price index, the numbers are positive.

House prices increased by 1.1% in April, which was the tenth consecutive monthly rise and the longest run since 2016.

That means house prices across the UK are up £47,568 over the last two years, with average property prices reaching another new record high of £286,079.

While in London, although sales slightly lagged behind the rest of the country, average house prices reached the not insignificant figure of £537,896, a new record for the city.

+1.1% Avg. house prices up 1.1%. 10th consecutive monthly increase.

Russell Galley, Managing Director of Halifax, says in the latest report, “housing transactions and mortgage approvals remain above pre-pandemic levels and the continued growth in new buyer enquiries suggests activity will remain heightened in the short-term. The imbalance between supply and demand persists, with an insufficient number of new properties coming onto the market to meet the needs of prospective buyers and strong competition to secure properties driving up prices.” In the capital, national

trends are acutely magnified. According to RightMove, for example, Balham, in south west London has seen an increase in buyer competitiveness of 113%, with Upminster at the end of the District Line rising by 108%. But this fight for dream homes is almost exclusively focused on houses, with demand for flats lagging behind, especially if they don’t benefit from any outside space. “There remains evidence that this demand is centred on larger, family homes, rather than smaller properties such as flats,” says Russell Galley. “Over the past year, prices for detached and semi-detached properties have risen by over 12%, compared to just 7.1% for Average house price £286,079 Monthly change +1.1% Quarterly change +2.7% Annual change +10.8% flats. The net cash increase for detached properties, at just under £50,000 over the past year, is nearly five times more than for flats.”

Conversely, demand for rentals is through the roof, due to a combination of factors.

There’s the usual ebb and flow of rental properties within the capital, but on top of that there’s added pressure from an influx of (mostly younger) people returning to the capital as the pandemic has eased.

And outside the capital rental demand is high as people battle to buy properties and rent locally in the meantime.

But there could be a storm on the horizon.

For a while now, house prices have been buoyed by low borrowing costs, which means that rising mortgage rates are linked to inflation and increases in living expenses. The Bank of England’s recent interest rate rise prompted warnings that inflation could hit 10% before the end of the year, putting the country at risk of falling into a recession.

12% 7.1%

HOUSES

ALL

% increase on average house prices in last year by type.

But it’s not going to be immediate. “For now, at least, despite the current economic uncertainty, the strong increases we’ve seen in house prices show little sign of abating,” says Galley in the Halifax report.

“Demand in the housing market remains firm and mortgage servicing costs are relatively stable with fixed-rate deals making up around 80% of mortgages on homes across the industry, protecting many households from the effects of rate rises so far.

“Cash increase for detached properties, at just under £50,000 over the past year, is nearly five times more than for flats.”

However, the headwinds facing the wider economy cannot be ignored. The house price to income ratio is already at its highest ever level, and with interest rates on the rise and inflation further squeezing household budgets, it remains likely that the rate of house price growth will slow by the end of this year.”

But in the short term, if you’re a property owner who is considering selling now, you’re in a very strong position, especially if you don’t need to buy a new property.

Because for those looking to buy or rent, the landscape is a little tougher. Not impossible, but be prepared for some strong headwinds and try not to fall in love with the ‘perfect property’ unless you’re prepared to fight for it.

04

M ARKET DATA

Up, down or sideways?

Feast your eyes on this data from the property market for your local area.

Data is compiled from a variety of sources including Rightmove.co.uk and PropertyData.co.uk. Sold price data refers to sold in the last year (unless otherwise stated). Listing data refers to current listings across the top three property portals, Rightmove, Zoopla and On the Market (May 2022).

Chelsea

£1,525 LIST

£1,529 SOLD

AV G . P R I C E F A L L / R I S E

£2,359,726 AV G . S O L D P R I C E M AY 2 0 2 2

+ 3.0% I N C R E A S E O N M AY 2 0 2 1

AVG . S O LD PR ICE S

£1,427,308

AVG . L I S T I N G P R I C E S £7m

T E R R AC E D

S E M I - D E TA C H E D

+12%

£3.46m

£3.5m

£9,847,083

+ 4%

£2.56m £606k

£0

+13%

£5.21m

F L AT S

£4,486,800

T O TA L G R O W T H

1

£1.14m

2

3

4

5+

BEDS

A V G £ / S Q . F T.

1 YEAR

3 YEAR

5 YEAR

Kensington

£1,453 LIST

£1,427 SOLD

AV G . P R I C E F A L L / R I S E

£2,550,701 AV G . S O L D P R I C E M AY 2 0 2 2

+ 6.0% I N C R E A S E O N M AY 2 0 2 1

AVG . S O LD PR ICE S

£1,698,908

AVG . L I S T I N G P R I C E S £7m

T O TA L G R O W T H £5m

+14% +14%

F L AT S

£4,555,948 T E R R AC E D

£3.5m

£6,045,833 S E M I - D E TA C H E D

£3.59m

£684k

£0

+9%

£2.29m

1

£1.38m

2

3

4

5+

BEDS

A V G £ / S Q . F T.

1 YEAR

3 YEAR

5 YEAR

Notting Hill & Holland Park

£1,350 LIST

£1,423 SOLD

AV G . P R I C E F A L L / R I S E

£1,913,847 AV G . S O L D P R I C E M AY 2 0 2 2

+ 4.0% I N C R E A S E O N M AY 2 0 2 1

AVG . S O LD PR ICE S

£1,026,254

AVG . L I S T I N G P R I C E S £6m

£3m

£7,566,233

£2.35m £712k

£0

+9%

£3.69m

T E R R AC E D

S E M I - D E TA C H E D

+10%

£4.87m

F L AT S

£3,522,898

T O TA L G R O W T H

1

+4%

£1.24m

2

3

4

5+

BEDS

A V G £ / S Q . F T.

1 YEAR

3 YEAR

5 YEAR

Fulham

£990 LIST

£935 SOLD

AV G . P R I C E F A L L / R I S E

£944,681 AV G . S O L D P R I C E M AY 2 0 2 2

+ 2.6% I N C R E A S E O N M AY 2 0 2 1

AVG . S O L D P R I C E S

£677,181

AVG . L I S T I N G P R I C E S £3m

£2.33m

F L AT S

£1,667,693 T E R R AC E D

£2,333,417 S E M I - D E TA C H E D

£2m £1m £0

T O TA L G R O W T H

+8%

£1.57m

£511k

1

£754k

2

£1.12m

+7%

+3%

3

4

5+

BEDS

A V G £ / S Q . F T.

1 YEAR

3 YEAR

5 YEAR

(CON T IN UED ON PAG E 1 5)

05

For expert advice on your sale or let contact us today Jeremy Creasor

David McGuinness

Kensington & Chelsea

Balham

25 Years Experience

25 Years Experience

Chris Shaw

Aaron Powdrill

Notting Hill & Holland Park

North Kensington & Hampstead

25 Years Experience

10 Years Experience

Paul Clappison

James Weston

Battersea & Clapham

Earlsfield & Southfields

17 Years Experience

18 Years Experience

Robert Oatley

Simon Armitage

Kingston & Surbiton

Tooting

16 Years Experience

30 Years Experience

James Giblin

Charlie Crane

Fulham & Parsons Green

Fulham & Parsons Green

14 Years Experience

10 Years Experience

Reuben Van Zummeren

Samantha Allen

Putney

Head of Lettings

10 Years Experience

15 Years Experience

020 3150 0733 hello@moveli.co.uk

5.0 2( 22)

Featured agents

06

PRIM E CEN T RAL

“Incredibly supportive and responsive throughout and even helped advise us on our onward purchase.

Highly recommend!”

Matt D

Lexham Gardens, W8 £ 1 , 850,0 0 0 SOL D / / J E R E MY CR E ASO R

Park Walk, SW10

Ifield Road, SW10

£ 4 ,95 0,000 FO R SALE

£ 1 , 350,0 0 0 FOR SA L E

// JE R E MY CR E AS O R

/ / J E R E MY CR E ASO R

Coleherne Mansions, SW5

Queensdale Road, W11

£ 1,7 5 0,000 FOR SALE

£ 3, 29 5,000 FOR SA L E

// JE R E MY CR E AS O R

/ / CHR IS SHAW

07

Cleveland Square, W2 £ 3 ,5 00,000 FOR SALE // CH R I S SHAW

Located moments to Hyde Park and with access to one of London’s finest residents’ garden squares, a rare and truly spectacular four bedroom maisonette.

Darnley Terrace, W11

Queens Gardens, W2

£ 3 ,1 00,000 FO R SALE

£ 2, 9 50,0 0 0 SA L E AGR E E D

// CH R I S SHAW

/ / CHR IS SHAW

08

PRIM E CEN T RAL / LON D ON

Briardale Gardens, NW3 // A A R ON P OWD RIL L

A beautifully presented five bedroom, fully extended, semi-detached house, perfectly set up for a growing family, offering 2,532 sq ft, a landscaped garden and off-street parking.

Beltran Road, SW6

William Morris Way, SW6

£ 7 5 0,000 FOR SALE

£ 1 ,050,000 FOR SA L E

// CH A R LI E CR AN E

/ / JAME S G IBL IN

£ 2,5 95 ,000 SOL D

09

Stephendale Road, SW6

Danehurst Street, SW6

£ 1 ,47 5 ,000 SALE AG REED

£ 1 ,0 50,0 0 0 SA L E AGR E E D

// JA ME S GI BLI N

/ / JAME S G IBL IN

Shorrolds Road, SW6

Felden Street, SW6

£ 2,000,000 SOL D

£ 2, 50 0,0 0 0 SOL D

// JA ME S GI BLI N

/ / JAME S G IBL IN

“World-class service and stressfree experience.”

Brudenell Road, SW17 £ 1 ,05 0,000 FO R SALE // S I MON A R MI TAG E

Mr S. A.

10

LOND ON

“We used Moveli last year when selling our property.

Result: a speedy sale at a better than expected price.

Highly recommend!”

David L

Dafforne Road, SW17 £ 1 ,6 50,0 0 0 SOL D / / SIMO N AR MITAG E

Louisville Road, SW17

Kelmscott Road, SW11

£ 800,000 SO L D

£ 1 , 50 0,0 0 0 SA L E AGR E E D

// S I MON A R MI TAG E

/ / PAUL CL APPISO N

Broxash Road, SW11

Mysore Road, SW11

£ 1 ,5 00,000 SAL E AG REED

£ 1 , 4 25,000 SOL D

// PAU L CLA P PIS O N

/ / PAUL CL APPISO N

11

Sudbrooke Road, SW12 £ 2,200,000 SOL D

A spectacular semi-detached Victorian family house ideally positioned on this sought after street between the commons.

// PAU L CLA P PIS O N

Swaby Road, SW18

Headington Road, SW18

£ 1 ,1 00,000 SALE AG REED

£ 9 50,000 SA L E AGR EE D

// JA ME S WE STO N

/ / JAME S WE STO N

12

LOND ON

Marham Gardens, SW18 £ 1 ,45 0,000 SOL D // JA ME S WE STO N

A truly immaculate family house set on the edge of Wandsworth Common. The house has been fully extended and modernised by the current owners.

Lidiard Road, SW18

Victoria Avenue, KT6

£ 1 ,000,000 SAL E AG REED

£ 6 0 0,0 0 0 SA L E AGR EE D

// JA ME S WE STO N

/ / R O B OATL E Y

13

Tachbrook Street, SW1V

Devonshire House, SW1V

£ 1 ,1 00,000 SALE AG REED

£ 1 , 250,000 SOL D

// R OB OAT LE Y

/ / R O B OATL E Y

Falcon Wharf, SW11

Medfield Road, SW15

£ 1 ,7 5 0,000 FOR SALE

£ 774 , 9 9 9 F OR SA L E

// DAV I D MCGUIN N E S S

/ / DAVID MCG UINNE SS

Oakhill Road, SW15 £ 1 ,095 ,000 FO R SALE // DAV I D MCGUIN N E S S

“We would highly recommend Moveli if you are keen on a stress-free, efficient and effective process.”

T. Miah

14

LOND ON LE T T IN GS

“Really professional, highly experienced and with a great eye for detail. Sam was a key reason in finding such good tenants for us - they also commented on how much they liked dealing with her.”

Geoff S

Randolph Crescent, W9 £ 5, 200/ M ONT H L ET AG R E E D / / SAMANTHA AL L E N

Sloane Gardens, SW1W

Wroughton Road, SW11

£ 15 ,000/MONTH LET AG REED

£ 4 , 50 0 / M ONT H L ET

// SA MA N T HA AL L E N

/ / SAMANTHA AL L E N

Broomwood Road, SW11

Enmore Road, SW15

£ 5 ,416/MON TH L ET

£ 2750/ M ONT H L ET

// SA MA N T HA AL L E N

/ / SAMANTHA AL L E N

Putney

£772 LIST

£751 SOLD

AV G . P R I C E F A L L / R I S E

£823,964 AV G . S O L D P R I C E M AY 2 0 2 2

+ 1.0% I N C R E A S E O N M AY 2 0 2 1

AVG . S O LD PR ICE S

£541,451

AVG . L I S T I N G P R I C E S £2m

T O TA L G R O W T H

+13%

£1.74m

F L AT S

£1,069,809 T E R R AC E D

£1,611,007 S E M I - D E TA C H E D

£378k

£0

+7%

£1.16m

£1m

1

£555k

2

£740k

3

4

5+

BEDS

A V G £ / S Q . F T.

15

0% 1 YEAR

3 YEAR

5 YEAR

Between the Commons

£883 LIST

£876 SOLD

AV G . P R I C E F A L L / R I S E

£974,149 AV G . S O L D P R I C E M AY 2 0 2 2

+ 4.0%

AVG . S O L D P R I C E S S W 1 1

£648,331

AVG . L I S T I N G P R I C E S £2m

£1.64m

F L AT S

£1,437,463 T E R R AC E D

S E M I - D E TA C H E D

AV G . P R I C E F A L L / R I S E

AVG . S O L D P R I C E S S W 1 1

+6%

£1.43m

£1m £577k

£1,768,333

I N C R E A S E O N M AY 2 0 2 1

T O TA L G R O W T H

£0

1

£688k

2

£985k

3

+6% +3%

4

5+

BEDS

A V G £ / S Q . F T.

1 YEAR

3 YEAR

5 YEAR

Balham

£814 LIST

£805 SOLD

£910,459 AV G . S O L D P R I C E M AY 2 0 2 2

+ 4.0% I N C R E A S E O N M AY 2 0 2 1

£588,395

AVG . L I S T I N G P R I C E S

T E R R AC E D

£1.23m

£1m £640k

£1,708,201 S E M I - D E TA C H E D

+19% +16%

£1.54m

F L AT S

£1,288,001

T O TA L G R O W T H

£2m

£822m

+4%

£386k

£0

1

2

3

4

5+

BEDS

A V G £ / S Q . F T.

1 YEAR

3 YEAR

5 YEAR

Tooting

£703 LIST

£710 SOLD

AV G . P R I C E F A L L / R I S E

£714,094 AV G . S O L D P R I C E M AY 2 0 2 2

+ 5.0% I N C R E A S E O N M AY 2 0 2 1

AVG . S O LD PR ICE S S W 1 6

£474,234

AVG . L I S T I N G P R I C E S £1.24m

F L AT S

£901,866 T E R R AC E D

£1,186,453 S E M I - D E TA C H E D

T O TA L G R O W T H

£1.5m £1m

+9%

£905k

+10%

£698k

£500k £0

£372k

1

£502k

2

3

4

5+

BEDS

A V G £ / S Q . F T.

0% 1 YEAR

3 YEAR

5 YEAR

Earlsfield, Southfields & Wandsworth (SW18)

£802 LIST

£783 SOLD

AV G . P R I C E F A L L / R I S E

£870,632 AV G . S O L D P R I C E M AY 2 0 2 2

+ 7.0% I N C R E A S E O N M AY 2 0 2 1

AVG . S O LD PR ICE S S W 1 6

£560,870

AVG . L I S T I N G P R I C E S £1.5m

£1.35m

F L AT S

£1,101,709 T E R R AC E D

£1,588,303 S E M I - D E TA C H E D

£1m £500k £0

T O TA L G R O W T H

£563k

£805k

+8%

+4%

£395k

1

+11%

£1.13k

2

3

4

5+

BEDS

A V G £ / S Q . F T.

1 YEAR

3 YEAR

5 YEAR

Kingston & Surbiton

£672 LIST

£621 SOLD

AV G . P R I C E F A L L / R I S E

£804,967 AV G . S O L D P R I C E M AY 2 0 2 2

+ 7.0% I N C R E A S E O N M AY 2 0 2 1

AVG . S O LD PR ICE S S W 1 6

£446,647

AVG . L I S T I N G P R I C E S

T E R R AC E D

£914,918 S E M I - D E TA C H E D

+12%

£1.16m

F L AT S

£733,012

T O TA L G R O W T H

£1.5m £1m

£889m

+13%

£653k

£500k £0

£308k

1

+1%

£467k

2

3

4

5+

BEDS

A V G £ / S Q . F T.

1 YEAR

3 YEAR

5 YEAR

PREMIUM DECORATIVE CONCRETE www.lazenby.co.uk

T. 01935 700 306

E. info@lazenby.co.uk