How the London property market is performing in spring 2024

Published: 28/05/2024 By LONEY MILLER

Rightmove has released its latest house price index, showing positive movement from the spring market so far. The encouraging figures indicate that things are kicking back into high gear this year and buyer demand remains high, as more people are committing to their property goals for 2024. 

The data shows house prices have increased by 0.2% in London over the last four weeks and more specifically here in Wandsworth by 0.3%. Whether you are a buyer or a seller, this change in the market could have an impact on your next move. 

It’s also noted that from January to May this year, the number of sales being agreed is 17% higher than in the same period last year. This is a further testament to the market continuing to pick up as we move through the year.

But what does this mean for you and your property journey? At Loney Miller, we’re committed to keeping you in the loop with the latest market trends and helping you navigate the ever-changing landscape, to get you where you want to be.

What this means for buyers 

If you’re looking to buy property in London, now could be a great time to do so. With a 17% increase in sales agreed, you can feel confident in the progression of your move this year. Join this with a 12% increase in the number of new sellers coming to market, there is even more chance to find a property you’ll love.

But with more demand in the market, the key is to get organised early. Working out your affordability and budget is crucial to helping you find the right home, with no hiccups or delays. If you need any help with this or would like to discuss your search criteria, our team is here to point you in the right direction.

What sellers need to know

It’s good news if you’re looking to sell this year, as house prices are on a steady upward trend. The figures show a 0.6% national increase, as well as a 0.3% rise in the Wandsworth borough and an impressive 3.6% uplift in Merton. With the average sale price achieved in Wandsworth in May sitting at £851,560, it’s clear that now is a good time to achieve a healthy return on your investment.

Once again, Rightmove's data shows that pricing correctly the first time is key to achieving a fast and smooth sale, as multiple price reductions can impact your move. Now more than ever, it is vital to choose an agent with expert local knowledge and experience who can guide you through the journey and offer an effective pricing strategy from the start. 

Whatever your property goals are, the team at Loney Miller is here to support you. We pride ourselves on offering a friendly, personalised service, alongside the highest levels of client care and local knowledge to help you find the property of your dreams in South West London.

Whether you’re looking to buy or sell, get in touch with us here and let’s get you moving.