South West London has seen a significant increase in interest from buyers over the past six months, leading to 95% of all KFH stock in South West postcodes being sold soon after marketing. We've subsequently seen a healthy increase in property prices, with the most popular areas including Streatham, Clapham and Earlsfield.
During the first half of the year, we saw an unprecedented increase in active buyers across South West London, which consequently led to a shortage of properties for sale. Simply put, the supply has not been able to keep up with demand and we are selling virtually every property on our database within days, despite stock being replenished on a daily basis.
When buyers come to us looking for a property, they have more often than not chosen this region because of its great transport links into the City and Central London, the offer of leafy streets and plenty of parks combined with trendy bars and chic restaurants. Over the next few years, we'll also likely see increased demand as a result of improved transport options which will include the Northern Line extension in Battersea as well as the Barclays Cycle Hire expansion, which will offer more bicycles and docking points South of the river.
The demand for available properties has led to huge competition among buyers with the result that many properties sold have achieved in excess of asking price. With many homes launching to the market through open days, sealed bids are becoming commonplace and in a number of cases new records have been set for prices achieved.
In Fulham, we recently recorded more than 30 viewings during one open day for a property on Homestead Road, SW6, which really highlights the high levels of demand we're currently seeing. Buyers and sellers alike find open days appealing as they provide an efficient process that gives everyone the opportunity of viewing and offering if they like. It also ensures only interested parties who are serious about proceeding will offer.
The next few weeks look set to be equally busy as buyers seek to find a new home in time for the new school year in September.