September brought a cautious return to activity in Pimlico and Westminster, with signs of seasonal movement but fewer decisive outcomes than in previous years. While there was a clear increase in enquiries and new listings after the summer holidays, many buyers have taken a more measured approach. The lettings market, by contrast, remained highly competitive, with rents continuing to hold firm. Below, we explore the latest performance across both sectors and what this shifting mood means as we approach the final quarter of the year.
Sales
September traditionally marks the start of the autumn market, and this year was no different in terms of listings and viewings. However, while physical activity increased, buyer hesitation grew more pronounced. In Pimlico and Westminster, several buyers have voiced concerns around potential changes to stamp duty and property-related taxes under a new government — and this uncertainty has translated into slower decision-making, delayed offers, and a lower conversion rate overall.
Prices:
Headline pricing has remained broadly stable, though the gap between asking price and offer is widening. Buyers are wary of overcommitting ahead of possible legislative reform, especially at the higher end of the market. Properties that are attractively presented and priced within the correct range are still drawing interest, but competitive bidding has become less common. Across SW1, the sub-£1.5m bracket continues to perform best, especially for flats that are turn-key and well located.
Transaction Activity:
Compared with August, activity in September did rise — driven by new listings and returning buyers — but the conversion rate from viewing to offer was noticeably lower than expected. Many purchasers are holding back, citing political and economic uncertainty. While some transactions have gone ahead where there is a compelling reason to move, discretionary buyers appear content to wait for further clarity. National data suggests a modest rise in agreed sales, but this has not fully translated to our local experience in SW1.
Speed of Sales:
Time on market has lengthened slightly, with even well-priced homes sometimes requiring longer exposure before receiving offers. There is a clear divide: homes that are priced ambitiously or marketed without due care are stagnating, while realistically priced properties with broad appeal are selling, albeit more slowly than earlier in the year. Sellers looking to transact in Q4 may need to adjust expectations accordingly.
Buyer & Seller Sentiment:
Caution is the prevailing sentiment among buyers. Conversations have increasingly turned to what the new budget might mean for property taxes, stamp duty thresholds and capital gains implications. For many, this uncertainty has taken the urgency out of the search. Sellers, meanwhile, are weighing whether to proceed this side of the election cycle or to hold off until there is greater clarity. That said, some homeowners are pressing ahead in the belief that current market conditions, while not frenzied, still offer an opportunity to sell ahead of any legislative changes.
Noteworthy Trends:
Demand continues to centre around classic period flats with outside space or flexible layouts. We are seeing stronger engagement for homes that offer work-from-home potential or are presented to a high standard. Conversely, larger properties and those requiring significant investment are receiving limited attention unless competitively priced. Buyer selectivity has increased across all price points, and the willingness to negotiate is returning to the fore.
Lettings
The lettings market in Pimlico and Westminster remained fast-moving and competitive throughout September, with high tenant demand continuing to outpace available supply. This imbalance has helped maintain record-level rents and very short void periods for landlords.
Achieved Rents:
Rental values held steady in September, with one-bedroom flats in Pimlico typically achieving between £2,400 and £2,600 pcm, depending on condition and location. Larger two-bedroom flats and family-sized houses continue to command over £1,300 per week, particularly where outdoor space or furnishings are included. Westminster’s average monthly rent now sits just above £3,400. There has been little downward pressure on rents, and many landlords are achieving full asking or close to it.
Demand & Time on Market:
Tenant demand surged early in the month, fuelled by relocations, university terms starting, and contract renewals. Most good-quality rentals are let within days, and several of our recent instructions received multiple offers in the first week. Void periods remain rare, especially for properties that are well presented and correctly priced.
Tenant Profile & Behaviour:
We continue to see a broad range of tenants — including corporate clients, young professionals, and international movers — seeking homes across SW1. Many tenants are opting for longer tenancies and moving quickly to secure the right property. While some are considering the prospect of buying, the rental sector remains the more accessible and flexible choice for most.
Landlord Sentiment & Supply:
Landlords remain confident. With rents at historic highs and tenancy demand unwavering, many are focused on maximising their yields and minimising turnover. Some landlords are carrying out light upgrades between tenancies to command premium rents. Supply remains tight, with few new instructions coming to market — a trend that is likely to continue as investors weigh the implications of new legislation but choose to hold in the interim.
Noteworthy Trends:
Tenants are increasingly asking for longer initial leases, often 18–24 months. Landlords who can offer flexibility around move-in dates or furnishing options are attracting a broader applicant pool. Properties with air conditioning, outdoor space or high EPC ratings are achieving a noticeable uplift in rents. Pimlico continues to attract strong interest due to its accessibility and relative value compared with neighbouring postcodes.
Looking Ahead — October and Q4 2025
The final quarter of the year is likely to be defined by cautious activity in the sales market and continued momentum in lettings.
Buyers remain engaged, but many are waiting for clearer signals on stamp duty, CGT and wider tax reform before committing to a purchase. That said, for sellers who are motivated and willing to price pragmatically, deals are still being agreed — especially where properties are well presented and priced to reflect current sentiment.
In the lettings market, we expect demand to stay high well into November, particularly among corporate tenants and long-term renters. With no material increase in supply, landlords are well placed to secure strong results through to the end of the year.
If you are considering selling or letting before year end, a carefully timed launch with the right pricing strategy will be key. Tuckerman Residential is here to provide clear, honest advice based on what we are seeing day to day — not just what the national headlines say.
