London's Property Sales Market: July 2024 Insights
The property sales market in London during July 2024 shows opportunities and challenges for buyers, sellers, and investors too! If we look at the report, the market is currently a buyer's heaven (and trust me it is), with a significant number of properties available for sale.
In high-demand areas like E14, where we can see a good amount of listings (increased), indicating either substantial new developments or dense living conditions. This gives buyers a significant advantage, allowing them to negotiate better deals. However, areas in Northwest London with fewer listings suggest more stable populations and less development, offering unique investment opportunities.
From June to July 2024, there has been an increase in property listings, pointing to seasonal trends or growing market confidence. However (have a look at the report) seems there has been a general decrease in transaction activity. Where this mismatch between supply and demand comes from we don’t really know! Could be due to general economic factors (I’m looking forward to what will happen next with the political change) or changing buyer preferences.
The market is segmented into buyer's, balanced, and seller's markets. E14, SW11, and W2 are prime examples of buyer's markets, where high inventory levels and longer days on the market provide buyers with ample choices and most importantly leverage.
Districts like BR3 and SE23 represent balanced markets with stable conditions and moderate turnover rates, making them ideal for some form of steady investments (disclaimer: please this is only an opinion and it is not financial advice). Smaller districts like EC3R fall into the seller's market category, where we can see high demand and quick sales. This could show profitable opportunities for sellers.
The Current State of London's Property Rental Market
London's property rental market definitely shows full power in favour of landlords. The latest insights from the July 2024 Rental Market Report reveal intense competition in most districts. This is shown based on the high turnover rates and short inventory periods.
This means that demand for rental properties is high, while supply remains limited, driving up prices and making it challenging for tenants to secure housing.
One notable exception is for SW3, which stands out as a balanced market. Here, supply and demand are pretty much the same, offering slightly better conditions for tenants compared to other areas where landlords definitely have the upper hand.
If we see a comparison between June and July 2024 we can see an increase in rental listings in many districts, indicating that landlords are strategically responding to this high demand. However, turnover rates vary, some areas are experiencing high tenant movement and others showing signs of stabilisation (in the future we will be able to show people migration between areas).
These trends show the nature of London's rental market, influenced by economic conditions, housing developments, and demographic shifts. For renters, understanding this market is very important for navigating this competitive landscape. For landlords, the current conditions instead offer substantial leverage to maintain high rental prices and avoid having vacant properties
To delve deeper into these insights and explore the specifics of each district, be sure to read the full report.
Rental and Sales Market for July 2024: here
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