House Prices Report for Central London & Surrey - July 2023 to September 2023

“According to Nationwide, House prices are rising, for the second month in a row – meaning they’ve dropped by just 2% over the past year.

Introduction:

I'm thrilled to have you here for the latest edition of the House Prices Report for Central London and Surrey. We're diving into the juicy details from July 2023 to September 2023, so get ready for some exciting insights. I've got a hunch that we're about to witness some major uptrends, and I couldn't be more stoked about it. Let's dive in and uncover all the signs that point towards an incredible market boost!

NOTE: It's important to note that these figures are based on the 3-month moving averages

Average House Prices in Surrey & Central London

In Surrey, the average sold prices for all types of properties decreased by 0% from £628,253 in July 2023 to £625,401 in September 2023. The average sold price for detached properties decreased by 1% from £1,092,721 to £1,076,703, while the average sold price for semi-detached properties increased by 6% from £579,080 to £611,482. The average sold price for terraced properties remained almost the same at £484,727 in July 2023 and £484,000 in September 2023. The average sold price for flats increased by 0% from £305,826 to £306,718.

And in Central London, the average sold prices for all types of properties decreased by 34% from £1,670,024 in July 2023 to £1,110,401 in September 2023. The average sold price for detached properties increased by 58% from £1,500,000 to £2,375,000, while the average sold price for semi-detached properties increased by 212% from £1,645,000 to £5,125,000. The average sold price for terraced properties decreased by 50% from £3,923,014 to £1,947,222. The average sold price for flats decreased by 27% from £1,349,042 to £978,333.

These numbers show that the real estate market in Surrey and Central London is dynamic and ever-changing. If you're looking to buy or sell a property, it's important to stay up-to-date with the latest trends and prices.

Number of Properties Sold in Surrey & Central London

In Surrey, the number of properties sold decreased by 68% for detached properties, 70% for semi-detached properties, 70% for terraced properties, and 64% for flats from July 2023 to September 2023.

In Central London, the number of properties sold remained relatively stable for detached properties, decreased by 50% for semi-detached properties, 75% for terraced properties, and 62% for flats from July 2023 to September 2023.

Average Time on Market by Number of Bedrooms in Surrey & Central London(days)

In Surrey, we see some impressive numbers. For properties with 5+ bedrooms, the average time on the market decreased by 1%. Similarly, 4-bedroom properties saw a decrease of 1% as well. However, 3-bedroom properties experienced a positive change, with a 2% increase in the average time on the market. Moving on to 2-bedroom properties, we observe a slight increase of 1%. Lastly, 1-bedroom properties had the highest increase of 5% in the average time on the market. Overall, Surrey's real estate market is thriving, with an average time on the market of 162 days, which is a 1% increase.

Now, let's shift our focus to Central London. The numbers here are equally impressive. Properties with 5+ bedrooms experienced a significant decrease of 6% in the average time on the market. 4-bedroom properties also saw a decrease of 4%. Similarly, 3-bedroom properties had a 6% decrease, while 2-bedroom properties experienced a 5% decrease. 1-bedroom properties showed a 4% decrease in the average time on the market. Overall, Central London's real estate market is thriving, with an average time on the market of 327 days, which is a 5% decrease.

Number of Properties Found Advertised for Sale in Surrey & Central London(days)

In Surrey, the number of properties advertised for sale has seen positive growth across different bedroom categories. The largest increase was observed in the 4-bedroom segment, with a 7% rise in listings. The 5+ bedroom category also experienced a notable increase of 5%. Meanwhile, the 2-bedroom and 1-bedroom segments saw slight declines of 1% and 3% respectively. Overall, the total number of properties advertised for sale in Surrey increased by 2% during the specified period.

And in Central London, the number of properties advertised for sale also showed positive growth, with the 5+ bedroom category leading the way with a 13% increase. The 4-bedroom segment closely followed with a 12% rise. The 3-bedroom and 2-bedroom categories experienced more modest increases of 5% and 4% respectively. The 1-bedroom segment saw a slight increase of 1%. Overall, the total number of properties advertised for sale in Central London increased by 5%.

Number of Properties Found Advertised for Sale in Surrey & Central London(days)

In Surrey, the number of properties advertised for sale has seen positive growth across different bedroom categories. The largest increase was observed in the 4-bedroom segment, with a 7% rise in listings. The 5+ bedroom category also experienced a notable increase of 5%. Meanwhile, the 2-bedroom and 1-bedroom segments saw slight declines of 1% and 3% respectively. Overall, the total number of properties advertised for sale in Surrey increased by 2% during the specified period.

And in Central London, the number of properties advertised for sale also showed positive growth, with the 5+ bedroom category leading the way with a 13% increase. The 4-bedroom segment closely followed with a 12% rise. The 3-bedroom and 2-bedroom categories experienced more modest increases of 5% and 4% respectively. The 1-bedroom segment saw a slight increase of 1%. Overall, the total number of properties advertised for sale in Central London increased by 5%.

Guess what? Here is what a total budget of £6.5M can get you in today’s property market in Surrey or Central London.

Orange Grove, Littleton Lane, Guildford, Surrey GU3 1HN, 6 bed, detached home, bought for £6,300,000, transaction date 10 Jul 2023

First up, we have Orange Grove, located in Littleton Lane, Guildford, Surrey. It's a stunning 6-bedroom detached home that was bought for a whopping £6,300,000 on July 10, 2023.

Can you imagine living there? It's absolutely amazing! But wait, there's more.

7, St Marys Place, London, Greater London W8 5UE, 5 bed, terraced home, bought for £6,450,000, transaction date 5 May 2023

In London, we have 7, St Marys Place, in Greater London. This 5-bedroom terraced home was purchased for an impressive £6,450,000 on May 5, 2023.

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