As July draws to a close, the Pimlico and Westminster property markets continue to show strength beneath the seasonal slowdown. A nationwide dip in asking prices has done little to dent activity locally, where the fundamentals remain solid. Motivated buyers and tenants, improving affordability, and a shared recognition that well-presented, realistically priced properties are still transacting at pace. If you're considering buying, selling, letting or renting in SW1, read on to find out why now could be a strategic time to act.
Sales
Prices & Affordability
The City of Westminster has seen the most pronounced price drop of any London borough this month, with asking prices falling 2.9% month-on-month and now 4.9% below July 2024 levels, according to Rightmove. While the headline figures may appear stark, the reality is more nuanced: pricing has adjusted to reflect increased buyer choice and the need for value. Importantly, improved affordability driven by falling mortgage rates and rising wages is helping fuel a fresh wave of motivated purchasers.
Zoopla’s latest analysis reinforces this trend, noting that “buyer demand is up 6% on the year, even as sellers adapt pricing strategies to reflect a more competitive landscape.” In Pimlico, this translates to steady interest in well-configured one- and two-bedroom flats, especially those with outside space or heritage features. Buyers remain highly price-conscious, but they are still prepared to move decisively for the right home.
Transaction Activity & Buyer Sentiment
Nationally, agreed sales are now 5% up on this time last year, and locally we’re seeing similar strength. Serious buyers are focused and well-researched, with many aiming to exchange before the traditional August holiday slowdown. Turnkey properties are attracting multiple offers, while homes that require work or are priced too ambitiously are more likely to stagnate.
In contrast to last summer, price adjustments are now being embraced as a tool to generate momentum rather than as a last resort, a sign that sellers are becoming more pragmatic and market-aware.
Market Dynamics
The number of available homes remains at a decade high, and with mortgage affordability continuing to improve. The average 2-year fixed rate now sits at 4.53%, down from 5.34% a year ago, buyer activity is expected to hold firm into autumn. Tuckerman Residential is working with a growing number of clients who wish to capture this window before seasonal activity slows.
If you’re a local seller weighing up your options, now is a smart moment to take action. With demand active but price-sensitive, realistic pricing and standout presentation are the two most important factors for achieving a successful sale in today’s Prime Central London market.
Lettings
Achieved Rents & Tenant Demand
Rental demand across Pimlico and Westminster remained steady in July, although the frenzied bidding of spring has begun to ease in some segments. One-bedroom flats in central Pimlico are typically achieving between £2,300–£2,500 pcm, while two-bedroom homes and family houses remain highly sought-after, particularly when offered in good decorative order with quality furnishings.
Lettings activity is being driven by a diverse mix of professionals, corporate tenants and international arrivals. While some tenants are beginning to explore first-time purchase options, many still favour the flexibility of renting particularly in light of improving rent-to-income ratios and the ongoing scarcity of well-maintained stock.
Time on Market & Voids
Despite a small seasonal dip in urgency, average time on market remains low: many properties are still letting within one to two weeks if priced correctly. There is also increasing appetite for longer tenancies, with many tenants looking to lock in certainty in an otherwise competitive market.
Void periods remain rare in SW1, and landlords who invest in minor cosmetic upgrades fresh paint, new lighting, updated appliances continue to see the best returns.
Landlord Sentiment & Supply Trends
Landlords remain confident, although mindful of the upcoming Renters’ Reform Bill. Most are taking a pragmatic approach: maintaining high standards of compliance while focusing on maximising income from historically strong rental yields. The pipeline of new listings remains tight, with no significant influx of new stock to balance out demand a key factor supporting the resilience of local rents.
In Summary
Pimlico and Westminster continue to reflect the broader story of a recalibrated but active London property market. Buyers are cautious but committed, while tenants remain competitive and focused on quality. With mortgage rates falling and transaction volumes on the rise, the second half of 2025 holds considerable opportunity particularly for sellers and landlords who take a proactive approach.
If you're considering selling or letting in SW1, now is the time to act. Tuckerman Residential offers honest advice, strategic marketing, and a deep understanding of the local market helping you make informed decisions with confidence.
📞 Get in touch with our team today to book a no-obligation market appraisal.
