Five minutes with Charlie Mitchell, Director of Winkworth in Tooting.
What’s your patch like?
We have a lot of first time buyers and first time house owners. It’s common for couples selling flats in Clapham, Battersea or Balham to look at Tooting, where they can buy a house with a garden while staying near the Northern Line. We also have a lot of investors, which is unusual. Yields here tend to be a bit better than in Clapham and Battersea.
How’s the local property market performing at the moment?
We have a number of different markets. Tooting is a crazy market! You feel a bit arrogant in comparison to other Winkworth branches sometimes, because the area’s still really good value, and the flat market here is unbelievably resilient. Half a million gets you a really nice flat here, whereas even in Balham it doesn’t get you very far. Buyers who’ve been renting are often amazed at what they can afford – and the area’s still got some growth.Still, there are fewer landlords than there were two years ago and rental prices are astronomica, so first time buyers are still keen to pay back a mortgage rather than rent, even with interest rates on rise.
The market for houses is a bit different. There are buyers for most houses, but you’ve got to be sensibly priced and it is taking that little bit longer. In spring or summer there were people queuing, but not at the moment – so it’s a good market for someone looking for a house.
Is this a typical autumn market?
For flats, it’s business as usual, but we’re seeing fewer families move. Stamp duty hasn’t really been a hot topic with everything else going on, but it could have been an extraordinary autumn.
What advice would you give to sellers?
If you’re looking to sell you’ve got to price things correctly and be open-minded about offers. We’re not in the spring market, but if you’re not selling at your spring valuation then you might be making a saving on your onward purchase anyway, so it’s kind of irrelevant. It's important to remember that.
Why should people think about moving to these areas?
We’ve got fantastic schools, Tooting common and lots of greenery. Tooting’s becoming a really pleasant place to bring up a family, but there’s still quite an emerging market as far as prices are concerned. Even four years ago it was seen a compromise, now it’s becoming a destination in itself. The transport is brilliant and it’s attracting more young, trendy people with its brilliant market and restaurant openings.
What kind of housing stock is there in these various areas?
It’s a real mix. You can pick up an old workers cottage in the conservation area for £550-600k – similar ones in Battersea are pushing £900k. Three bedroom houses start around £800k, then there are big 2000 sq ft houses around Tooting Bec too. Plus there are maisonettes around Tooting Broadway which are massive, selling for £700-800k – pound for square foot, they’re phenomenal value.
What are your predictions for 2023?
Prices haven’t really fallen yet and who knows if they will? Depending on what Liz Truss does, could the base rate come down again? Nobody knows. I’m a very positive person – I still believe that the first time buyer market will be strong. There probably won’t be so much growth, but I think we’ll see more stability. Young families are always moving, whether up down or sideways, so we’ll still continue to see strong transaction levels. I always say that Tooting’s like quicksand - if you take one person out there’ll always be another person to fill their space.
On the market
This two bedroom maisonette in Kelnor Road SW17 has a light open plan living area and potential to extend the loft; it’s priced at £475,000 with Winkworth Tooting 020 8767 5221.
This fully extended four bedroom family house in Gassiot Road SW17 is well-located for schools and nurseries and has been finished to a high standard. It’s on the market with Winkworth Tooting for £1m.
