A new report using Land Registry data shows which parts of London had the best performance in 2023. We want to have a closer look at it today, exploring the areas that did very well and the types of properties that were popular. Then, if you need help with property investment in Wandsworth, you can speak to us.
A year of ups and downs
There was plenty of turbulence in 2023, but overall it was a pretty good year for the property market in London. In total there were 48,278 sales of homes in the city. This was a dip if you compare to sales in 2022, but there were still positive signs of activity. It is also important to keep in mind that issues such as high interest rates, access to mortgages, and the cost of living crisis were curtailing it.
If you look area by area, Wandsworth had the most impressive year. Sales here made up 6% of the city’s total. To put it into perspective, the second best location by total sales was Bromley with 5.3% of London’s total. Croydon was third with 4.6%. So, there was a clear gap at the top.
The thing to note here is Wandsworth continues to show that it is a great alternative to traditional prime spots. In fact, people refer to it as being “prime fringe”. It means it is a good area for luxury homes on the fringes of Central London.
When it comes to property investment in Wandsworth, there is a lot of choice. Most notable is the number of newer luxury developments. These can be very appealing to buyers at the top end of the market, particularly when they are larger homes in beautiful buildings with impressive amenities.
What types of properties were most popular?
The sales data also shows the performance of different types of homes in 2023. According to the figures, apartments were far and away the most popular. They were almost half of the total sales in the city at 49%. This was massively ahead of other popular styles of home such as terrace houses (29%) and semi-detached houses (16%).
If you look at different parts of the city, apartments were the top seller in 24 boroughs. Most impressively, they were 98.3% of transactions in the City of London. However, it bears remembering that the majority of the stock in the business district is apartment buildings. More importantly, over 80% of sales in Camden, Tower Hamlets, and Westminster were apartments.
A slow build
Looking ahead to the rest of 2024, the prediction is that activity will slowly build as the year progresses. There are a number of crucial things to play out, including the General Election. However, the belief is it will be a positive period for activity, especially as prices stabilise. It could be good news for Wandsworth and other parts of the city.
Do you want help with property investment in Wandsworth?
Finefair Ltd understands that investing in London can be a fun and rewarding experience. However, it can also come with a fair few concerns. We want to make it easier for clients, offering reliable services that can take care of a number of things. Most importantly, we can arrange guaranteed rent to protect the financial side of things.
So, if you are thinking about investments, have a look at how we can help. We can offer solutions for all types of property investment in Wandsworth and different parts of the city. This can include apartments, houses, and various other types of homes.
