By Michael Peacock, Head of Chase Buchanan
The first half of 2026 produced two very different property markets across South West London. Sales remained challenging as higher borrowing costs and wider economic uncertainty made buyers more cautious. Lettings, however, performed strongly, driven by sustained tenant demand and supply limitations.
Against this backdrop, Chase Buchanan increased its market share across both sales and lettings during the first half of the year, reinforcing our position as a leading local estate agency.
Activity during the first half of the year was lower than in 2025, both for Chase Buchanan and across the wider market with Rightmove reporting that the number of sales agreed nationally between January and June was 6% lower than during the same period last year.
The June RICS Residential Market Survey also found that buyer enquiries and agreed sales remained subdued, although both have improved slightly since May.
Our own figures tell a similar but more nuanced story. In May, online sales enquiries were lower than a year earlier, yet viewings increased by 10%. Offers held level, as did the number of sales agreed. In other words, fewer people are browsing the market, but committed buyers are still viewing properties, making offers and progressing with purchases.
Those buyers have plenty of choice and are well informed about prices. Sellers therefore need an honest assessment of what their property can achieve.
Launch too high and a home can miss that crucial initial period of interest. Launch at an evidence-based price and it has a much better chance of attracting serious buyers.
The better agents tend to rise to the surface in a challenging market, and despite the difficult conditions, Chase Buchanan increased its share of the local sales market during the first half of the year.
Lettings delivered a highly positive picture. Our performance during the first half of the year was 10% ahead of 2025.
The momentum strengthened towards the end of Q2, with the number of tenancies agreed in June up by a third year on year. That performance has continued into July, which has become our best month on record for lettings deals agreed.
This reflects the wider imbalance between tenant demand and the supply of available homes. RICS reported that tenant demand strengthened in June while landlord instructions remained in negative territory.
Rightmove’s Q2 Rental Price Tracker also found that the number of homes available to rent nationally had fallen below the previous year’s level for the first time since 2022. Average advertised rents in London increased by 2% during the quarter.
Locally, Office for National Statistics figures show that the average private rent in Richmond upon Thames reached £2,310 in June, 4% higher than a year earlier. This compared with annual growth of 2.2% across London as a whole.
For landlords, demand remains strong, but pricing and presentation still matter.
Tenants are increasingly conscious of affordability and will not pay an unrealistic rent simply because supply is limited. A successful let depends on understanding local demand, setting the right price and communicating clearly throughout the process.
The short-term outlook remains mixed. The sales market is likely to stay price-sensitive until buyers have greater confidence in mortgage rates and the economy, but the BoE holding the base rate at 3.75% should breed some confidence. Lettings should continue to remain active, although affordability will continue to limit how quickly rents can rise.
What customers need in this kind of market is an honest assessment of what their home can achieve. Landlords need clear advice about demand, pricing and their responsibilities. Buyers and tenants need to know exactly what is happening and what comes next.
Our teams have worked extremely hard throughout the first half of the year, helping Chase Buchanan maintain its position as a local market leader.
The market may be complex, but our approach remains straightforward: provide clear advice, communicate properly and help people make informed decisions.