This is the first of a series of updates on the local property market.
Anthony Shoring, Sales Manager at Kinleigh Folkard & Hayward’s Dulwich Village branch, discusses the local property market:
“The property market in Dulwich Village is performing phenomenally well at the moment. Prices have risen by approximately 10% in the past 12 months and as a result of a shortage of stock, those homes which are on the market are often attracting multiple bids with many achieving over and above asking price. It’s safe to say that as we enter the summer months, this level of activity will only intensify and in my opinion, now is a great time to sell.
“Both Turney and Burbage Roads are extremely sought after for a variety of reasons but chiefly because they back onto sports fields and green spaces while also falling under the catchment of many of the area’s best local schools. In addition, both sit within the heart of the village, with Dulwich Village road and its assortment of restaurants and amenities a few minutes’ walk away. As a result, the streets do tend to attract a premium of approximately 10 -12%.
“Since the start of the year, every property we’ve sold on either Turney or Burbage Road has achieved a record price and open days are very much the ‘trend du jour’ to ensure that all potential purchasers have an equal and fair opportunity to view. Downsizing to a smaller property within Dulwich Village has also become increasingly popular – with many of the homes on these streets offering in excess of 1,500sqft, they are often suited to larger families and so when all children have flown the nest, we see many of these enter the market again. Although Dulwich is known for its larger homes, there are opportunities for properties with between two and four bedrooms and the key here really is to allow a bit of time for these to be sourced. Streets such as Mitchell’s Place, Boxall Road and Aysgarth Road among others tend to be incredibly popular among downsizers who are keen to stay in the village, while those who don’t mind looking a little further afield usually enjoy West Dulwich’s similar village atmosphere and here streets such as Cokers Lane, Walkerscroft Mead and Acacia Grove to name a few will usually offer just the thing. Speaking to your agent in advance can often help the process, and increasingly we’re seeing that developers are now targeting areas in and around Dulwich and so we’re seeing more townhouses and luxury apartments on offer which can be ideal for a more ‘lock up and go’ lifestyle.
“With many of the properties in Dulwich priced at above £1million, there was concern when the recent stamp duty increases were announced, with many fearing a resulting effect on the local property market. This has generally failed to materialise however as the majority of homes are priced below the £2million threshold. Those above it tend to be priced quite a bit higher than 2million and so what it means is that there is a general lack of stock between the £2million to £2.25million price range.”