October has delivered a reassuring message for homeowners and landlords in Pimlico and Westminster: the market is not only active but showing signs of quiet resilience as we approach the year’s final quarter. While price growth remains modest, buyer and tenant engagement continues to reflect the enduring pull of this historic SW1 postcode. If you're considering a sale or let before year-end, read on to understand what’s moving the market — and how to position your property for success.
Sales
Prices & Buyer Activity
Local values in Westminster have begun to stabilise after the sharper mid-year corrections. As of late October, average asking prices remain down on an annual basis — still around 4–5% below October 2024 levels — but this month has brought signs of renewed buyer confidence.
Falling mortgage rates have continued to drive affordability improvements. Nationwide, the average 2-year fixed rate is now below 4.5%, and in Prime Central London, we’re seeing this filter through into stronger buyer intent. Serious purchasers are back in the market and ready to move quickly for the right homes, particularly those that offer charm, proportion, and strong natural light.
Pimlico’s period flats and garden apartments remain popular, with many achieving offers within the first fortnight of marketing — provided pricing is pragmatic. Zoopla and Rightmove have both pointed to rising buyer registrations in Central London, with Q4 activity tracking ahead of 2024 levels.
Transaction Volumes & Market Dynamics
October has brought a welcome pick-up in agreed sales across our SW1 pipeline, with many buyers now looking to exchange before the pre-Christmas deadline. As with previous months, demand remains firmly concentrated on well-priced properties; anything perceived as overvalued or requiring major work is facing longer marketing periods.
Sellers are generally responding well to current conditions — pricing realistically from the outset and focusing on presentation to differentiate their home from the competition. Those who do are being rewarded with competitive offers, often from buyers who have been watching the market for some time and are now ready to commit.
Lettings
Rental Demand & Achieved Rents
The lettings market in Pimlico and Westminster has remained busy through October, with strong tenant demand pushing many landlords into a position of strength. That said, we are starting to see the seasonal cooling that typically emerges in Q4: tenants are still committing, but they are increasingly discerning, particularly at the upper end of the market.
Well-presented one- and two-bedroom flats continue to let swiftly — many within one week of listing — especially those with modern finishes, good EPC ratings, and outdoor space. Rental values have held firm, with average monthly rents in Westminster sitting around £3,300 pcm, and garden flats in Pimlico regularly achieving £2,500 pcm or more.
Tenant Profile & Time on Market
The autumn lettings market has been shaped by a mix of corporate relocations, international arrivals, and young professionals moving within the capital. Tenants are increasingly prioritising energy efficiency and convenience, and we’re seeing strong interest in newly refurbished or turnkey apartments near transport links.
Time on market has crept up slightly in some segments, particularly for older or unmodernised properties. However, for those who invest in light upgrades and professional marketing, voids remain rare and yields remain strong.
Landlord Confidence & Regulatory Outlook
Most landlords remain optimistic, although there is rising awareness around upcoming legislation — particularly the Renters' Reform Bill. At Tuckerman Residential, we continue to advise landlords on preparing for change while capitalising on current market strength. Demand is still outstripping supply across most of SW1, and we’re seeing a healthy number of renewals and long-term lease requests from reliable tenants.
In Summary
Pimlico and Westminster remain two of the most reliable residential markets in Central London — prized for their heritage architecture, superb connectivity, and relative value compared to neighbouring zones.
Whether you're looking to sell before year-end or secure a quality tenant before the Christmas slowdown, the key is preparation: correct pricing, professional presentation, and expert local guidance.
Tuckerman Residential is proud to support homeowners and landlords throughout SW1. If you’re thinking of making a move, get in touch with our experienced team for a no-obligation valuation and bespoke advice.
📞 Contact us today to discuss your property plans and make the most of the market before the year is out.
