With 2024 underway it is a good chance to look back at 2023, especially in regards to the property market. It was a tricky year, with very little in terms of growth. Some areas did very well, but others saw property values drop. Surprisingly though, there was still plenty of activity. Let’s take a closer look, then if you need help with things like property management in Richmond upon Thames, you can speak to us.

Cooling market

The most important thing to keep in mind here is the property market got much cooler in 2023. The wave of activity after covid lockdowns had a massive impact. It sent demand and prices skyrocketing in many areas. Naturally that wasn’t sustainable. Rising interest rates (over 6%) and economic conditions also put a stop to the rises. So, overall values fell by 1.2%.

However, despite that, figures still show that thousands of properties were sold. Data from Land Registry put the total at 276,785 from January to August in England and Wales alone. If you look at the UK as a whole for the whole year, Zoopla says that a million homes were sold. This includes 140,000 terrace houses, 130,000 semi detached houses, and 120,000 apartments or flats.

Incredibly, the total value of the 270,000+ sales in England and Wales from Jan-Aug was close to £100bn. If you factor in the rest of the UK and account for the whole of the year, the total will be much higher. That is impressive for a year where the market was cooling and people feared a full recession. If you invested and want help with property management in Richmond upon Thames or other areas in London, we can work with you.

Regions

If you look at the data by region, London was the leading area in the Land Registry data. An impressive £21.6bn of sales were completed. This was marginally ahead of the South East (£21bn). The South West had a relatively strong period too (£11bn). The North East was at the bottom of the table, with £2.6bn of sales.

In London

Some areas in the capital had impressive total sales values. The leader was Kensington and Chelsea. The prime location was very popular, with £1.6bn of homes selling. Many buyers were quick to purchase here so they could snap up bargains after prices fell. A lot of people targeting the area also had more opportunities because they could buy without mortgages or only borrowing a small amount.

The City of Westminster had a similar story. The total value of deals here was £1.5bn. Again it was a location high value individuals target, so issues like high interest rates and mortgage affordability did not deter them.

Wandsworth took the third spot as it continues to be a strong alternative to traditional prime locations. It has plenty of luxury new apartments, and many developers were also offering incredible deals to secure sales.

Two other notable areas in London had an impressively strong period. The first was popular Richmond upon Thames. It is a beautiful part of the city and one many people aspire to live in. With that in mind, it is no surprise there were £1bn of sales. Camden was marginally behind. The vibrant borough had £955mn of deals.

Speak to us about property management in Richmond upon Thames

At Finefair Ltd can offer some fantastic services for clients who choose to invest in properties. Like so many of you, we are looking forward to a more positive year in 2024. It might be challenging at times, but we’ll be here to help.

So, if you want to talk about property management in Richmond upon Thames or things like guaranteed rent, contact us. We’d love to help.