But what are we seeing in the Herne Hill Property Market?
It feels like autumn is arriving with a splash – quite literally!
We definitely have a change in the weather. But with it, despite both the literal and metaphorical gloom, might we actually be seeing a change for the better in the property market?
The most recent Rightmove House Price Index report out this week has offered a mixed yet cautiously hopeful outlook for the UK property market as a whole.
In September, average new seller asking prices rose by 0.4% month-on-month, pushing the national average to £370,257.
It’s a modest uptick, but nevertheless it is positive.
No matter what the national property market is doing of course, we really need to understand what is going on in our local area, here in Herne Hill, to understand how these national figures stack up against what’s happening here in SE24.
Here’s what the data tells us – and how we can use it to better inform your strategy when thinking about selling your Herne Hill home.
Key Takeaways from the Rightmove Report (National Numbers)
- Small monthly increase, but slight year-on-year dip
The 0.4% rise in asking prices in September is welcome, especially given that this is the first monthly increase since May according to Rightmove. However, overall, prices are 0.1% lower than in September 2024.
It’s such a small difference we can consider it flat-lining, but nevertheless it shows that whilst sellers are seeing some welcome seasonal momentum, it is coming off the back of a stubborn market.
- Regional divergence: South and London underperforming, North & Midlands more resilient
The overall dip in the annual average has been largely driven by what has happened inside the property market in London and across the South of England (the South East more than the South West), where asking prices are down compared to last year (more on this shortly).
In contrast, regions like the North West of England, Scotland and others have experienced a more robust performance. Across the North West, property prices have risen by around 3.2% year-on-year, which has given a significant boost to the overall national performance.
- Supply, competition and buyer behaviour
There are more homes for sale, especially in the South, where inventory is up 9% year-on-year, compared to just 2% elsewhere – again as per the Rightmove House Price Index Report for September 2025. It has led to a lengthening of sales times, in terms of the length of time from initial marketing to finding a buyer.
More choice for buyers means more pressure on sellers. Those that will do well will be those who focus on good presentation and realistic pricing, something directly referenced in Rightmove’s report, which noted that competitive pricing is helping to sustain sales activity.
- Good News on Sales Agreed
Despite the pressure on prices in some regions, the number of sales being agreed is up by 4% year-on-year overall. It’s actually up by 3% here in the South, but elsewhere has risen by 5%.
It means that demand is not only still there but is on the increase. Buyers are taking action, in particular where pricing and presentation line up with expectations.
- Mortgage landscape easing (a little)
One factor that is helping is better affordability: two-year fixed mortgage rates have eased down to around 4.52% in September, from around 5.03% last year, and dropping lower than the five-year fixed rate for the first time since the Truss era of 2022. This is reducing monthly costs for buyers, and may be nudging some of those who had hesitated back into the market. - Uncertainty over tax / budget changes looms
The report mentions that rumours of property taxes or changes to stamp duty / tax on more expensive properties are creating some hesitation, particularly in parts of the market that are already underperforming (which tends to be in the South and London). Buyers and sellers who might be affected by those changes due to property values are likely to be watching more closely and are more likely to delay decisions until there’s more clarity.
What is Happening with Herne Hill Property Sales
The national story is what you read about in the news – but what really matters is what is going on here in Herne Hill and the wider South London area.
Let’s take a look at some local facts, figures and property trends:
- Local Price Trends vs Rightmove’s National Averages
Rightmove reported a 0.4% increase over the past month nationally, but a drop of 0.1% over 12 months – a mixed picture but reassuring given the uncertainty the country feels in general.
Here in Herne Hill, property data aggregator site home.co.uk shows that house prices have actually fallen further – by around the half percent mark over a month, a little greater than the national picture, but are also down further over the last 12 months, by 2%. That is a more noticeable fall than the national average has shown.
The average price here in Herne Hill currently sits at just over £800,000, according to Rightmove data, which like home.co.uk also reports an annual 2% fall locally.
- Number of Properties For Sale in Herne Hill
There are currently 563 properties for sale in Herne Hill (at the time of writing, 17 September 2025) according to data site home.co.uk.
It means there has been a fairly static number of properties on the market since the beginning of the summer. I reported 554 for sale in my article of August 7, and in that same article discussed that this figure had dropped from 569 a week prior. It would appear therefore that the market took a dip over the summer holiday season and is now picking up again to around the same place as it had been before – exactly in line with my own expectations at the time.
This will in part be due to a number of sellers pausing during the school summer holiday – a feature of the property market in Herne Hill most years.
The pick-up in listings itself is a positive sign for the Herne Hill property market – but another positive is that currently, just over 40% of properties on the market in Herne Hill are sold subject to contract, indicating an active market with robust demand in this area (more below).
- Property Demand in Herne Hill
We feel the strength of demand at Petermans Estate Agents, with new registrations and viewing numbers well up this month compared to July and August.
‘Time on market’ figures show a bit of stubbornness in the local market. The mean average time on market is 151 days, according to property data site home.co.uk.
However, it is interesting to note that this average is skewed by properties at either end of the scale: detached homes are unsold for 151 days and flats for 158 days, whereas semi-detached homes remain unsold for 137 days and terraced homes 127 days.
In all cases, even that lowest average is well over four months on the market, and to us that feels slow.
Too often I get the sense that Herne Hill properties list at inflated, unrealistic prices – and it is hard to believe that this is the fault of the sellers. Estate agents, unfortunately, carry a lot of the blame. Let’s call it ‘over-optimistic’ advice, so as not to sound like sour grapes – but yes, all too often I feel that an agent has sold the homeowner a dream in order to get a signature on a contract, with no real expectation the price can be achieved.
Four or six weeks later, you see the price come down. Was it a tactic just to win the listing? The cynic in me thinks so.
It all points again to the importance of realistic pricing from the start, combined with excellent marketing, to get the best sale in this market.
And for my part, that is what I strive to offer.
- Mortgage Costs, Interest Rates and Affordability Locally
Average two-year fixed rates have fallen, often now found between 4.5% and 5%, and now lower than the average five-year fixed rate for the first time since the Truss era of September 2022, prior to rates soaring along with inflation.
Inflation has come down but is still not fully under control, holding at 3.8% (equal to last month), and predicted by many to hit 4% again this year.
It makes further interest rate cuts this year less likely and harder to predict. The Monetary Policy Committee met again today – September 18 – and voted to hold rates steady at 4%. Nevertheless, there are still economists banking on at least one more cut to come in 2025.
The average household income in Herne Hill was reported as £149,525 by Savills, in their 2024 report. It means that average property value here in Herne Hill is a little over 5 times our average household income.
Incredible to think about, when property prices here are so much higher than elsewhere, but nevertheless at 5.3 times a household salary, it means that properties are actually more affordable here than in many other UK locations.
- Prepare for tax changes
We don’t know exactly what will come in the Budget in November, but there has been much speculation about reforming stamp duty and council tax. Whether this happens immediately, if indeed it is even announced, or whether it gets set for a future ‘cliff-edge’ date, we will have to wait and see. However, in general, it has been posited that the onus may be placed on people with properties valued at £500,000 and above, according to leaks from Whitehall – as reported by many news outlets, and not least by the BBC (see here).
Obviously, where our average property value is well above that amount, a majority of homeowners in Herne Hill may be affected by this.
It is something that we will monitor closely, but for now we have to push on: business as usual.
A Strategy for Selling Your Herne Hill Home this Autumn
The market here is sluggish but there are positive signs and plenty of activity. Here are some things to think about when selling your home this autumn:
- Property Price and Presentation: As property supply increases through September and October, buyers will feel they have more options again. Homes that stand out (condition, staging, great photography) and price accordingly against these local market conditions, will naturally attract more attention.
- Price realistically from the start: Price is one thing, strategy is another. In some markets, people price ambitiously thinking ‘we can always bring the price down if it doesn’t work’.
I would caution against this. It won’t help you.
Over-ambitious pricing risks lengthening time on the market. The sellers who adjust expectations from the start, opting for realism (this isn’t about being negative, it is about being realistic), will run ahead of those trying to pitch ahead of the market.
Sellers who take expert advice and act on it will feel the benefit.
- Keep Up to Date with Local Market News: Following the news when it comes to the property market helps. However, following the local news about the local Herne Hill property market helps even more.
Of course, it’s tricky! Extrapolating the data to understand what is really going on takes time, effort, and a knowledge of where to find it. Fortunately, you’ve got me!
Stay tuned to my Love Herne Hill blog and our Petermans Estate Agents social media to stay up to date with regular, focussed, local market updates.
Final Thoughts
Rightmove’s September report shows us a national market that is stabilising rather than accelerating – but momentum is at least heading in the right direction again. Against that backdrop however, the Herne Hill property market is perhaps a little sluggish by comparison, in line with the general London and South East markets, with prices falling a little over twelve months and behind the curve now as they begin to rise again nationally after the summer.
Meanwhile, however, demand is holding up locally, with mortgage rates easing and buyers returning in numbers after a couple of months of lower activity.
It means that opportunities are there, especially for those who price wisely and move decisively.
If you happen to be on the market locally but feel that you’re lagging behind, there may be reasons, and I would gladly offer to pop round to provide some honest, friendly advice. Just follow the link here to book an appointment via our Petermans site.
Frequently Asked Questions
What’s the average house price in Herne Hill?
As of September 2025, the average house price in Herne Hill is around £800,000, according to Rightmove. That’s about 2% lower than this time last year, behind the national average which has more or less stayed level, but largely in line with the picture seen across London and much of the South of England, especially the South East.
How long does it take to sell a house in Herne Hill?
The Herne Hill market average is about 151 days, but well-priced and well-presented homes sell much faster. There are differences found between property types. Detached homes and flats are remaining on the market longer, with semi detached homes and terraces spending around three weeks to a month less time on the market.
Are mortgage rates going down?
Yes. Two-year fixed mortgage rates have dropped to around 4.5–5%, lower than five-year fixed rates for the first time since 2022. That’s helping more buyers step back into the market.