After our heatwave summer, will autumn bring change to the London property market?

With autumn fast approaching, it’s time to consider how the London property market will fare over the next few months. Can we expect more buyers to enter the market, and will prices go up or down?

Over the summer Rightmove recorded substantially slower buyer activity compared to previous years. This could largely be due to a series of record-breaking heatwaves, which hit when the capital’s housing market was already experiencing its traditional summer slowdown.

How has the long, hot summer affected the property market?

Buyer demand dipped temporarily at several points over the summer before rebounding. Much of this hesitancy reflected wider global and financial market conditions, with ongoing volatility and persistently high borrowing costs leading many buyers to pause and wait for clearer signals before committing.

The summer also coincided with a time of political upheaval. Over the summer we saw a change of prime minister in the UK, while the world experienced considerable geopolitical uncertainty.

However, some international observers are now sensing a change in attitude from global financial markets, as they shift from deep concern to reluctant acceptance of the current situation. Challenging conditions are now seen as the ‘new normal’, and this could eventually bring more stability.

Will London house prices see an ‘autumn bounce’?

If you’ve been planning to sell your home in London, you may be wondering whether now is the right time to list your property.

After several months of sluggish activity there are signs that the UK housing market is picking up. Despite the summer dip, the number of UK homes sold subject to contract in July was 13.6 per cent higher than in July 2023.

As workers return to the office, children go back to school and more temperate weather patterns emerge, we are already receiving more enquiries from buyers.

Autumn is traditionally one of the best times to sell a property, as homebuyers return from vacation with a renewed focus and sense of purpose. For many there is an added incentive to complete their property move before the Christmas holidays. London house prices may rally a little as more buyers return to the market this autumn, but a boom is not predicted. According to the Bank of England, UK mortgage rates will be unlikely to fall in the near future. At the moment, average 2 year fixed rate mortgages hover around 5.62 per cent, while 5 year deals are just over 5.65 per cent. Economists believe that Bank will continue to hold the base rate steady at 3.75%, with potential to raise rates again in 2027.

In the current market, sellers who are prepared to price their properties realistically will have more opportunity for a quick sale. Central London sellers currently wait around two months on average to secure an offer, but overpriced homes may remain on the market for even longer.

How can I be sure of setting the right price?

In prime London boroughs it is common to find micro-market price variations across a single street or even within the same apartment block. A professional valuer will look beyond your home’s size, lease duration, age and condition to consider a number of other factors. These include local transport links and proximity to local shops, schools, leisure facilities and parks. A good view, access to outdoor space, the presence of a concierge or the availability of gym or pool facilities will also form part of the valuer’s calculation.

How can I prepare for a successful sale?

Valuation: Make sure you get an accurate property valuation. London property prices are deeply nuanced, and you will need expert advice to help you set the right price.

Presentation and staging: A good estate agent will be able to advise on staging your property. They will also provide video and photographic services to highlight its best features.

Effective marketing: Ensure that your estate is able to mount a well-timed marketing campaign. This might include open days or discreet previews for qualified buyers.

Legal preparation: Instruct a conveyancer early in the process and make sure you have assembled all necessary documents to prevent delays when an offer is received.

How do I choose the right estate agent?

Look for an agent who has a strong track record for sales in your local area. Here at Daniel Cobb we have been selling homes in Westminster, London Bridge and Kennington since the 1990s. Having spent over three decades in these sought-after areas, we’ve gained deep local knowledge, and we would love to share our insights with you. Why not contact our friendly sales team and ask for a free, no obligation valuation?