As you would expect, there is a lot of interest in what is happening in the London property market right now. While the exodus from London hasn’t materialised in the manner some industry experts have predicted, there is evidence that people are moving to the suburbs and outer reaches of the capital.
A recent Rightmove study has looked at buyer interest with respect to the Travelcard Zone, and the findings suggest there will be significant interest in homes in Sutton.
Sutton homes will see higher demand from keen buyers
Rightmove’s analysis of the London property market right now is as follows:
Highlights from the analysis undertaken by Rightmove indicates:
• Zone 6 has moved from having 9% more buyers in September 2019 compared with the previous year, to now being up by 108%
• Zone 1 has moved from being 41% up year-on-year in 2019, to now being just 7% up
• The further out you go by zone the greater the increase in year-on-year demand
With Sutton Railway Station located in Travelcard Zone 5, this is the most pertinent zone for local residents, and there is interesting reading with respect to buyer demand for Zone 5.
All the Zone 5 stations in Sutton are as follows:
• Carshalton Beeches
• West Sutton
Interest in the outer reaches of London has grown sharply
For Zone 5, the period between September 2018 and September 2019 saw an increase of 8% with respect to interested buyers. For the period between September 2019 and September 2020, the increase in interested buyers was 103%.
Of course, there are two Sutton stations which are classed as Zone 4 stations, Hackbridge and Sutton Common.
For Zone 4, the period between September 2018 and September 2019 saw an increase of 15% with respect to interested buyers. For the period between September 2019 and September 2020, the increase in interested buyers was 76%.
Even though the increase of remote working means commuting on a daily basis isn’t an issue for many people to consider, it is always going to be a factor for people deciding whether to buy property.
Over time, even if remote working becomes a standard practice, people will still travel to and from work, albeit less frequently. Also, the social and entertainment benefits of London will always appeal, so people will want to find a home where they can connect to these attractions quickly and easily.
With the journey between Sutton Railway Station and London Victoria taking around 25 minutes, Sutton is ideally placed to offer homeowners the best of both worlds.
At the end of October 2020, Rightmove said this about the Sutton property market; “Properties in Sutton had an overall average price of £432,386 over the last year. The majority of sales in Sutton during the last year were terraced properties, selling for an average price of £413,390. Flats sold for an average of £268,719, with semi-detached properties fetching £533,855. Overall, sold prices in Sutton over the last year were 2% up on the previous year and 8% up on the 2017 peak of £401,872.”
If you are starting the sales process, or wondering what your next move will be, you can arrange for an instant valuation to take place. Our instant valuation tool is free, quick to use and very easy to arrange, so contact Belvoir Sutton today if you would like to arrange a valuation during the lockdown period.