At Samuel Estates, we pride ourselves on not only listing properties but selling them efficiently at the best price. With over 20 years of experience in the property industry, we understand the Streatham (SW16) market better than most. Our expertise allows us to provide you with transparent, accurate advice from the very beginning, so you can make informed decisions when selling your property.
The Current SW16 Property Market
There are currently 1,149 properties on the market in SW16, but only 37% are marked as Sold Subject to Contract (SSTC). While this number may seem low, the market is active, with 172 new instructions coming to the market in just the past two weeks. This indicates growing interest and movement in the area.
On average, properties in SW16 go under offer in 35 days, which is closely aligned with the national average of 40 days. Well-priced properties are moving swiftly, offering sellers confidence that demand for homes in Streatham remains strong.
However, data from Rightmove highlights the risks of overpricing. Properties that have undergone a price reduction typically take over 90 days to go under offer, more than double the time for non-reduced properties. Moreover, properties with price reductions face a 40% chance of falling through, compared to just 10% for properties priced correctly from the outset.
Avoid Price Reductions by Pricing Right the First Time
With 455 properties in SW16 having been on the market for over 12 weeks, and 203 exceeding 16+ weeks, it’s clear that overpriced properties simply sit on the market longer. If your agent is pushing for a price reduction after listing, it may be a sign that they overvalued the property just to win your business. At Samuel Estates, we believe in giving you realistic valuations from the start, avoiding unnecessary delays and reducing the risk of price reductions.
We aim to have your property under offer within four weeks, as long as it’s priced appropriately. Our team takes the time to analyse the market thoroughly, ensuring you receive an accurate valuation that positions your property competitively.
Changing Mortgage Rates and Market Conditions
Despite the Bank of England’s decision to hold the base rate at 5%, lenders are continuing to lower mortgage rates. Nationwide was the first to offer a sub-4% mortgage deal since February, and Barclays currently offers the lowest rate at 3.71% for a five-year deal, as of 25 September 2024. While these deals are primarily for buyers with a 60% loan-to-value (LTV), the downward trend in mortgage rates is a positive sign for the housing market.
With these favourable conditions, we believe the sales market in SW16 is starting to turn a corner. If your property is priced correctly from the start, it should sell within a reasonable time frame, without the need for drawn-out price reductions.
Why Choose Samuel Estates?
At Samuel Estates, we don’t believe in overpromising just to win a listing. We focus on trust, honesty, and accountability in every aspect of our service. Our goal is to provide you with clear, realistic advice from day one, so you know exactly where you stand throughout the selling process.
We understand that selling your home is one of the biggest decisions you’ll make, and we’re here to guide you through it with care, open communication, and integrity. You are not just another number on our books—we are committed to working hard to get the best possible outcome for you, and we will be accountable for delivering the results we promise.
Data sources: homesearch.co.uk / rightmove.com / moneyweek.com