|Putney Property Prices Latest|
Latest sales give hope of price recovery
Property sales so far this year are suggesting that home prices are stabilising. The average property transaction so far for February and March is £530,709 much higher than that seen in the previous three months. However volumes remain extremely thin.
The average price of a home sold in the first quarter is up by 12.2%, however a closer look at the figures suggest a two tier market is developing. There is renewed volume at the top end of the market with transactions of detached properties appearing in the figures for the first time in several quarters. Prices of terraced houses have also rallied although it should be pointed out that only 15 changed hands in the period under review.
On the other hand flat prices are down by 8.8% so far this year having held up relatively well previously.
The average Putney property cost £434,198 over the first three months of this year which is slightly above the same period last year. The overall average is likely to be distorted by the renewed activity in higher priced properties and it is likely that most local homes have fallen in value over that period.
Volumes continue to be poor with turnover at about three quarters of what it had been three years ago.
The Land Registry data for March for the country as a whole shows an annual house price change of -16.2%. This brings price levels back to those seen in August 2004.
London prices have fallen by 15.4 % to £299,613. Prices did rise slightly in March, the first time in a year the price index has seen a positive change.
Properties Sold in SW15 - February 2009
Copyright notice: All figures in this article are based on data released by the Land Registry. The numbers are derived from analysis performed by PutneySW15.com. Any use of these numbers should jointly attribute the Land Registry and PutneySW15.com.
February 26, 2009