The residential property market in Pimlico and Westminster remained resilient in May 2025, sustaining the positive tone set since the start of the year. Below we break down the latest Sales and Lettings trends in these prime London areas, with comparisons to last month and last year. Both segments reflect an active, value-conscious market, with healthy demand driving transactions and sustained rental growth. If you’re a homeowner or landlord in SW1, read on for key insights — and find out why now could be a strategic time to list your property with Tuckerman Residential.
Sales
May’s sales market in Pimlico and Westminster built on the solid momentum of early 2025. While the initial rush to beat the 1 April stamp duty changes has eased, the pipeline of serious buyers has held steady through late spring.
Prices:
Average sale prices remained stable month-on-month, consolidating the recovery from last year’s market correction. Compared to May 2024, values are still modestly lower — for example, City of Westminster’s average house price is sitting roughly 17–20% below peak 2023 levels, but with no significant slide this spring. Notably, prime SW1 pockets like Pimlico continue to attract competitive interest when properties are priced correctly. Some new instructions are seeing multiple bids, especially for well-presented flats and desirable period conversions. Sellers who adjust their asking prices to realistic levels are finding committed buyers, while overpriced listings risk sitting idle.
Transaction Activity:
Following the Q1 surge, transaction volumes in May remained broadly consistent with April, albeit down on March’s rush. Rightmove data suggests agreed sales are still running around 5% higher than this time last year, which aligns with local activity. Zoopla’s national trend of higher agreed sales year-on-year continues to be reflected here in Westminster and Pimlico. While there are some signs that uncertainty over mortgage rates may be tempering the most ambitious budgets, overall buyer appetite remains healthy.
Speed of Sales:
Homes that launch at sensible guide prices continue to move quickly — on average, well-priced listings in SW1 are going under offer within three weeks. This mirrors April’s pace and is considerably faster than last spring. Tight stock levels for quality flats and garden apartments keep serious buyers focused and ready to act decisively. As always, properties that are overpriced or in poor decorative condition still tend to languish, reinforcing the importance of accurate pricing and presentation.
Buyer & Seller Sentiment:
Buyer confidence across Pimlico and Westminster is cautiously optimistic. Domestic buyers, first-time purchasers, and investors remain active, with many viewing this period as a chance to secure good value before summer. We’re also seeing interest from international buyers returning, albeit more gradually. Meanwhile, more homeowners are looking to capitalise on the stable conditions, choosing to list properties that were previously held back during the uncertainty of 2024. Overall, seller sentiment is markedly improved: many owners accept that the market has reset since the peak, but take confidence in the steady buyer pool and competitive bidding for the right stock.
Noteworthy Trends:
Looking ahead, the possibility of a Bank of England base rate cut later this summer is fuelling hope for more affordable mortgages, which could underpin demand in the second half of the year. The proposed new 99% LTV mortgages for first-time buyers are another talking point, potentially unlocking more demand at entry-level price points. Turn-key, move-in-ready flats remain most in demand; anything requiring significant renovation or overpriced for its condition will likely be overlooked. With wider UK regions seeing mixed trends, prime central London continues to show resilience — Pimlico and Westminster stand out for offering relative value within Zone 1, drawing both domestic and international buyers.
If you’re thinking of selling this summer, now is an excellent window to secure a buyer before the usual August holiday slowdown. At Tuckerman Residential, we’re seeing an uplift in homeowners taking advantage of active demand and short timeframes for deals. Contact our team for an up-to-date valuation or to discuss how to best position your property.
Lettings
The lettings market in Pimlico and Westminster remained exceptionally competitive in May 2025, cementing the trend of strong tenant demand and record rental levels.
Achieved Rents:
Rents continued to push higher. The average City of Westminster rent now sits around £3,300 pcm — about 11–12% higher than May last year — with premium listings frequently exceeding guide prices. One-bedroom flats in Pimlico that let for £1,950–£2,000 pcm last spring are now achieving £2,200–£2,400 pcm with ease, while larger family homes and period townhouses in prime parts of Westminster can command £1,250+ per week if presented well. For landlords, this is translating into stronger yields and minimal voids — a welcome change after years of muted rent growth.
Demand & Time on Market:
Tenant demand is unwavering. May saw multiple bids on new listings, with well-finished properties let within days — sometimes within 72 hours of hitting the market. Compared to May 2024, the rental market is even tighter: stock remains constrained and there are more tenants than homes available. Corporate relocations have picked up pace, driving competition for larger family units, while young professionals and students returning for summer placements are intensifying demand for one- and two-bedroom flats.
Tenant Profile & Behaviour:
We’re still seeing strong interest from corporate tenants and international renters, alongside young London professionals who value proximity to work and local amenities. A few tenants are weighing up whether to buy given the outlook for cheaper mortgages, but the gap between renting and ownership costs remains significant for most, meaning high rental demand is not dropping off. Many tenants are securing longer leases or accepting rent increases at renewal to avoid the open market scramble.
Landlord Sentiment & Supply:
Landlords remain firmly in control. Rental supply is not growing fast enough to match demand, despite new investors entering the market in response to strong yields. Most landlords are holding stock rather than selling, and some are adding units to portfolios while conditions remain favourable. While the proposed Renters’ Reform Bill is still under debate, there’s no sign of a large landlord exodus — instead, savvy landlords are seeking advice on compliance and maintaining top returns.
Noteworthy Trends:
Competitive bidding for rentals is the norm, not the exception. Tenants are acting fast, often paying asking rent or above, and agreeing to longer leases to secure their preferred home. Many landlords are refreshing decor and furnishings to command top rents and minimise voids. Renewals are common: many tenants prefer to renew rather than re-enter an overheated market. Pimlico and Westminster continue to offer relative value compared to super-prime locations, drawing tenants who want a prestigious address without the Mayfair price tag.
For landlords, the current market presents an excellent opportunity: high rents, strong tenant quality, and short marketing times make this a landlord’s market. If you’re considering letting your property — or expanding your portfolio — Tuckerman Residential’s lettings team can help you secure the best result while staying ahead of regulatory changes.
In summary, both the sales and lettings markets in SW1 remain robust and resilient as we move into the summer months. Whether you’re thinking of selling, letting, or simply want an up-to-date valuation, our team is ready to guide you through every step — ensuring you make the most of Westminster and Pimlico’s unique market conditions.
Contact Tuckerman Residential today for trusted advice, local expertise, and a free appraisal of your property.
