UK property market roundup 2024: South London insights

As we step into 2025, the UK property market is expected to continue showing resilience, adapting to the changing economic conditions and shifting buyer preferences that defined 2024. South London, celebrated for its cultural diversity, green spaces, and unique neighbourhoods, was no exception. For estate agents in Camberwell, Peckham, and beyond, last year brought steady demand and exciting opportunities. Let’s explore the trends and highlights that shaped the market in Camberwell, Peckham, Nunhead, and surrounding areas.

A closer look at South London house prices in 2024

In this blog we look at house price trends and market influences in South London.

Camberwell property market

Camberwell’s property market has seen an average house price of £568,630 over the past year, according to Rightmove. Flats were the most commonly sold property type, achieving an average price of £449,941, while terraced homes sold for £975,323. Semi-detached properties topped the list, fetching £1,360,000 on average.

Despite Camberwell’s appeal, overall prices in the area have seen a slight dip—2% lower than last year and 4% below the 2020 peak of £594,533. These modest declines reflect broader trends in London’s property market, with affordability remaining a key focus for buyers.

Peckham property market

Known for its buzzing cultural scene, thriving independent businesses, and a strong sense of community, Peckham remains a sought-after location for both buyers and renters. Over the last year, the average property price in Peckham has been £603,385 (Rightmove).

Flats in Peckham sold for an average of £437,875, making them an attractive option for first-time buyers. Meanwhile, terraced properties reached £905,702, and semi-detached homes averaged £1,012,042. Unlike some neighbouring areas, Peckham’s property prices have remained stable, holding close to the 2021 peak of £608,879.

As one of the best estate agents in Peckham, Wooster & Stock has seen consistent demand across property types. Buyers are drawn to Peckham’s mix of urban energy and suburban charm, with excellent transport links enhancing its appeal.

Nunhead property market

Nunhead, a quieter yet highly desirable part of South London, saw its average property price settle at £606,000 as of November 2024 (OnTheMarket). This figure reflects a 12.3% decrease in sold prices over the past year, but this drop is more about market adjustment than a decline in desirability.

Nunhead’s leafy streets, friendly community, and proximity to bustling areas like Peckham make it a favourite for families and professionals. For those seeking a more laid-back lifestyle while staying close to the action, Nunhead is an excellent choice.

Economic and political factors: Market influences in 2024

Several major events have shaped the UK property market this year:

• The general election: The political uncertainty in the months leading up to the election led to a slight pause in market activity. Post-election stability and new government policies have gradually restored confidence.
  
• October Budget: Housing initiatives outlined in the Budget have set the stage for a more dynamic property market, particularly in outer prime areas.
  
• Base rate cuts: The Bank of England’s decision to cut the base rate in August 2024, the first since 2020, was a significant moment for the market. This move boosted mortgage approvals, which reached a two-year high, making borrowing more affordable and encouraging more activity among buyers.

Local trends in South London

South London has shown remarkable resilience and adaptability in 2024. Key trends include:

• Continued demand for larger homes: Buyers continue to prioritise terraced and semi-detached properties in areas like Camberwell and East Dulwich, favouring space and outdoor areas.

• Rental market growth: Areas like Sydenham and Forest Hill have seen increased demand in the rental sector, thanks to their excellent transport links and family-friendly communities.

• Community-driven appeal: Peckham’s vibrant atmosphere and Nunhead’s quieter charm remain key draws for buyers. These neighbourhoods balance urban living with a welcoming, community-focused lifestyle.

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Looking ahead to 2025

The 2025 property market is shaping up to be even more active, with analysts predicting steady growth. Cluttons forecasts a 3.5% increase in prime London house prices, and Zoopla anticipates an additional rise in completed sales, reaching 1.15 million transactions across the UK.

For South London, several factors could fuel this growth:

• Further base rate cuts: More reductions are expected in early 2025, which could make mortgages even more competitive and accessible.
• Government housing policies: New incentives and increased support for buyers and developers could lead to more transactions and market confidence.
• Increased buyer confidence: The stabilisation of political and economic conditions should encourage both buyers and sellers to act.

The beginning of 2025 is expected to see heightened market activity. Sellers looking to take advantage of increased buyer demand and buyers eager to secure their ideal property will find plenty of opportunities in South London.

How Wooster & Stock can help

At Wooster & Stock, we’ve earned a reputation as one of the leading estate agents in Camberwell, Peckham, and Nunhead, also covering East Dulwich, New Cross, Telegraph Hill, Brockley, Sydenham, and Forest Hill. With decades of experience and in-depth local knowledge, we provide personalised, expert advice to buyers, sellers, and landlords across South London.

Our team is committed to providing premium-quality marketing and clear, open communication throughout the entire process. As a dynamic group of individuals who uphold the culture of excellence that Wooster & Stock is known for, we make your moving experience smoother, with less stress, more support, and better results.

Boasting a combined 170+ years of experience in the South London property market, our highly skilled team is deeply knowledgeable and dedicated to helping you achieve your goals. We understand that clear communication is essential when it comes to selling a property, which is why we ensure you’re kept informed and confident every step of the way. Whether you’re buying your first home or selling a family property, we’re here to guide you to success.

With Wooster & Stock, you can trust that you’re in expert hands as we navigate the 2025 property market together.

Ready to make your next move in 2025?

Contact Wooster & Stock for a free market appraisal or expert advice on buying or selling property in South London. Let’s make 2025 your year to achieve your property goals.