2023 Property Review

2023 Property Review

Experts Lucie White & Co on sales, lettings and property management in South West London and Surrey.

We’re coming to the end of 2023 and what an exciting and dramatic year it has been for Lucie White and Co and all our sales and lettings clients! We’ve hung out the bunting for the coronation of a new king and queen, and checked the roof tiles after storms Agnes, Babet and Ciaran. We’ve pored through the details of the new Renters (Reform) Bill as it started its tortuous passage through parliament, with probably the most important changes to the rights and responsibilities of landlords in a generation.

Along the way as we continue adapting to more environmentally friendly homes, we’ve focused our minds on insulation and reducing energy use as the price of gas and electricity went up, and as the deadline for upgrading rental properties to minimum energy efficiency standards drew closer; only to hear in September that the government was scrapping its latest changes to energy performance certificates, and that the tougher standards it had announced were no longer to be enforced.

Charlotte Connell Letting Manager says, “the rental market continues to experience robust demand. The shortage of stock presents challenges for tenants whilst landlords can have greater choice of tenant and an increase in rent.”

With conditions volatile in the property market, and interest rates well above recent norms, timing and local knowledge have become vital in deciding how and when to sell.

Head of Sales Nick Pinnell says that 2023 has proved to be a far better year than expected after the turbulent end to 2022. This is backed up with data from Rightmove who have reported that overall:

  • Average asking prices are just 3% below May’s peak, but pricing right the first time remains key to securing a buyer
  • Sales agreed are now 10% below 2019’s more normal market level, improving from 15% below last month
  • The pandemic-driven stock shortage is over, with available properties for sale now just 1% behind 2019

Our clients have told us through testimonials and 5*reviews that the personal and professional service we offer which ensures that we have the same experienced colleague providing advice sale throughout the process gives them great confidence that the sale of their home is handled with the care it deserves and the very best price is achieved.

Here at Lucie White and Co we had our own big announcement back in September, with the launch of our premium management service. This bespoke service provides exactly the same high quality care and individual attention that all our clients and their properties receive, but removes the day-to-day worries and decision-making of being a landlord.

Lucie says, “owning a rental property can be profitable but there is no denying that is has got more complicated of the recent years with new legislations being heaped onto landlords.”

We are proud to be a local agency, combining a wealth of skills and experience with a deep knowledge of the local area and the community. We wish all our clients the very best for the festive season, and look forward to advising you and helping you to get the best tenants in 2024!

Call Lucie and her team on 020 8549 6064 to find out how you can benefit from our unbeatable service.