August brought a measured pace to the Pimlico and Westminster property market, with both sales and lettings remaining active but showing signs of seasonal cooling. While summer holidays typically lead to a slower rhythm, underlying demand has remained encouragingly firm.
Serious buyers and tenants have stayed in the market, while sellers and landlords who priced competitively continued to achieve strong outcomes. If you are based in SW1, here is what you need to know about the latest market performance — and what to expect as we move into the autumn.
Sales
Sales activity in August followed the seasonal trend of fewer new instructions and slower transaction volumes. That said, committed buyers remained engaged and the best-priced homes continued to attract attention. Those who launched in early summer were often able to agree deals ahead of the August slowdown, while others are now preparing for the September market.
Prices:
Pricing has remained steady across SW1. There was no noticeable drop in values over the month, though the market did become more discerning. Buyers are willing to act but only where asking prices reflect current market conditions. In Pimlico, well-presented one- and two-bedroom flats remain in demand, particularly those with outside space or period charm. Across Westminster, realistic pricing is still critical — with data showing that properties reduced by 5 to 7 percent from original asking prices are more likely to secure a sale.
Transaction Activity:
Fewer transactions were agreed in August compared to July, which is typical for the season. However, volumes are still ahead of where they were this time last year. National portals report sales agreed are around 6 percent higher than August 2024. In SW1, the first half of the month was more active than the second, as many buyers and solicitors took summer breaks. Listings have also tapered off slightly, with many sellers now holding back to launch post-bank holiday.
Speed of Sales:
Time on market increased marginally in August, as expected during the quieter weeks. However, properties that launched in June or July with sensible pricing often found buyers within three to four weeks. The market remains bifurcated — sensibly priced properties in good condition continue to sell well, while those that are overpriced or need work tend to stall. The early signs are that activity will pick up again quickly in September, particularly for homes priced under £1.5 million.
Buyer & Seller Sentiment:
Sellers who are listing now are typically doing so with a clear objective: to capture committed autumn buyers before the year end. Confidence remains stable, with no major shifts in sentiment despite a quieter August. Buyers are still cautious but motivated, particularly those who have been in the market for several months. There is also a growing pool of prospective buyers who missed out in spring and are waiting for new listings in September. This makes the next few weeks a key window for new sales instructions.
Noteworthy Trends:
The market has seen a continued preference for turn-key properties and those with outside space. Buyers remain hesitant to take on large-scale renovations unless the pricing reflects the work required. Interestingly, we are seeing a renewed interest in upper-floor flats with lift access, particularly among downsizers and international buyers. As always, prime positioning, good natural light, and strong presentation remain key differentiators in securing buyer interest.
Lettings
The lettings market remained highly competitive in August, albeit with the typical late-summer shift in tempo. Despite the seasonal lull, tenant demand continued to exceed supply, and landlords who listed during this period often benefited from less competition and faster lets.
Achieved Rents:
Rents across SW1 remained at or near record highs. In Westminster, the average monthly rent is now approaching £3,400, with premium listings comfortably exceeding this. One-bedroom flats in Pimlico regularly achieve £2,400 to £2,600 pcm, depending on finish and location. Family homes, particularly those with outside space or private entrances, can achieve £1,300 per week or more. Rental values have plateaued slightly compared to July, but are still significantly ahead of August 2024, reflecting the strength of demand and lack of available stock.
Demand & Time on Market:
Tenant demand has remained robust despite the quieter season. Many professional tenants and relocating families used the month to secure September move-in dates, with some listings receiving multiple offers within days of marketing. Well-presented flats rarely stay available for more than a week. Letting activity is expected to intensify further in early September, particularly from corporate relocations and post-summer moves.
Tenant Profile & Behaviour:
We continue to see strong demand from a mix of corporate tenants, international professionals, and domestic movers. Those looking to rent are acting decisively, with many willing to offer above asking or agree longer lease terms in order to secure a preferred property. While some tenants are exploring the possibility of purchasing, rental demand has not diminished — in fact, uncertainty around the timing of future mortgage rate cuts is encouraging many to stay in the rental sector for the remainder of 2025.
Landlord Sentiment & Supply:
Landlords remain in a strong position. With rents at historic highs and void periods minimal, most landlords are optimistic heading into autumn. Many are reviewing their portfolios and considering whether to extend existing tenancies or remarket to secure higher returns. Supply remains constrained, with very few new instructions coming to market in August. This imbalance is expected to continue into September, putting further upward pressure on rents unless stock levels improve.
Noteworthy Trends:
Tenants are increasingly seeking longer leases, particularly families and corporate clients. Properties with good natural light, outside space, or air conditioning are attracting premium offers. Renewal rates remain high, with many tenants opting to stay rather than risk re-entering a fiercely competitive market. We are also seeing more landlords invest in cosmetic upgrades such as new flooring or furniture packages to justify premium pricing and reduce voids.
Look Ahead — September and Beyond
As summer draws to a close, the SW1 property market is poised for a renewed burst of activity. September is traditionally one of the busiest months of the year, and early signs point to strong interest from both buyers and tenants returning from holidays.
In the sales market, many buyers who were unsuccessful earlier in the year are expected to re-engage, while sellers are keen to secure transactions before the year-end. We anticipate a flurry of new listings in the first two weeks of September, which should bring more choice to a stock-starved market.
In lettings, September typically sees a spike in demand from students, corporate relocators, and those whose existing tenancies are coming to an end. Landlords who act quickly and present their properties well are likely to benefit from multiple offers and premium rents.
While broader economic uncertainty remains, Pimlico and Westminster continue to demonstrate a level of resilience that sets them apart. Pricing, presentation, and timing will be key as we head into the final quarter of the year.
If you are considering selling or letting before the year-end, now is the time to prepare. Tuckerman Residential can help you take full advantage of the upcoming autumn market. Contact our team for a free valuation or discreet advice on your next steps.
