The last quarter has seen the highest volume of property transactions in England and Wales since records began in 2011. The stamp duty holiday and a change in social outlook has prompted unprecedented buyer demand. While this fulfilled demand may mean a drop in sales volumes, moving forward we fully expect the longer-term trend described in the graph below to continue.
The Wandsworth borough continues to gentrify at pace, driven by multiple new large-scale developments, some of which have already come to market and been sold. Maalems are privy to more coming to the market shortly.
In addition, the government proposed and ongoing changes in building development policy is moving local authorities to speed up processing times and relax restrictions on small scale development. This is in an effort to tackle the national housing shortage and with Wandsworth Borough council being no slouch in taking a progressive attitude towards these changes, it provides many opportunities for developers. The knock-on effect of the council’s tax take will allow for further improvement in the various amenities that the local authority provides.
All this adds up to increasing vibrancy and attracting an increasingly affluent demographic. In turn, this demographic’s discretionary pound is being catered to by upscale businesses. The local high streets reflect this with trendy new cafes, restaurants, bars and retail shops popping up at pace.
The various changes detailed are analogous to a one-way ratchet with each interlocking step prompting increasing property demand. Unless something in the broader environment curtails this, then property in the Wandsworth area looks set to continue onwards and upwards.
10 Year Property trend - Oct 2001 - Sep 2021