Deciphering the Latter Half of 2023

Published: 15/09/2023 By Carringtons

Stepping into the world of the property market is akin to stepping into a rhythm. The beats of buying and selling, supply and demand form the underlying tempo.

Kingston upon Thames, a town rich in history and character, is no exception. As we venture into the last quarter of 2023, it’s crucial to understand the current property market’s tempo and how it might influence your property decisions.

A Refresher on Market Dynamics

For the uninitiated or those who need a memory jog, Kingston upon Thames’ property dynamics hinge primarily on the proportion of properties tagged as "Sold STC" and "Under Offer" with the total properties on the market, e.g. if there are 40 properties sold stc and 100 properties available/for sale, then 40 as a percentage of 100 is 40%.
This isn't just a number game; it's a barometer of market sentiment:

·Extreme Buyers' Market (0%-20%)
·Buyers' Market (21%-29%)
·Balanced Market (30%-40%)
·Sellers' Market (41%-49%)
·Hot Sellers' Market (50%-59%)
·Extreme Sellers' Market (60%+)

The weight of these brackets can’t be overstated. They directly impact everything from listing prices to negotiation leverage.

Current Kingston upon Thames Property Market Snapshot

To fathom where Kingston upon Thames’ property market stands now, let’s incorporate our most recent findings:

The statistics have been sourced from the website 'The Advisory', which has calculated the market state for many years. I wanted to share them from the summer of 2018 to today so you can see for yourself.

What are the Statistics for the Kingston upon Thames area for the Last 5 Years?

Looking at each of the Kingston upon Thames postcode districts, each tells its own story...


Looking at the average of all the Kingston upon Thames postcode districts combined, in June 2023, we were at 37% in the Kingston upon Thames area. In July, that increased to 39%; in August, it dropped back to 37% and as we enter September, it remains at 37%.

Based on the patterns exhibited in this table, it’s evident that the Kingston upon Thames area rose within a balanced market in the spring and early summer of 2023, not unexpectedly remains in a balanced market as we go into the autumn.

Implications & Considerations for Kingston upon Thames’ Homeowners

This new data prompts us to take stock and ponder:

For Sellers: Are we transitioning into a market where you must be more strategic, flexible, or patient? Should you brace yourself for longer marketing periods? Realistic pricing is even more vital than ever. Remember, in 2022, 58.3% of Kingston upon Thames properties that came onto the market had a sale agreed on them. Year to date, that is running at 47.2%.

For Buyers: What challenges and opportunities lie ahead? Some properties will still have bidding wars, yet will you have the luxury of choice and time with others?
Broader Economic Picture: External influences, from inflation and interest rate repercussions to global economic trends, all cast shadows on the local property market. How might these larger forces be influencing Kingston upon Thames’ property scene?

The Local Pulse: Infrastructure projects, school ratings, transport links, and even Kingston upon Thames’ cultural events can make certain areas more desirable.

Final Thoughts on the Kingston upon Thames Property Market

As we leave 2023 going into 2024, with its twists and turns, the Kingston upon Thames property market offers both challenges and opportunities for Kingston upon Thames’ home buyers and sellers. Understanding the market nuances is paramount if you are a Kingston upon Thames first-time buyer, a seasoned property buy-to-let investor, or someone looking to relocate.

Stay informed, stay adaptable, and remember that, as always, your home-moving journey is as much about the voyage as the destination.

*Statistics provided by Denton House Ltd