|Putney Property Prices Hit Record Levels|
SW15 homes have averaged over £600,000 for three months
The latest data for the SW15 area is suggesting continued strength in local property prices. During the month of June the Land Registry showed the average price to be £625,327 and property prices have continued to average over £600,000 for the month of July in transactions reported so far.
This is the third month in a row that prices have averaged over £600,000 suggesting that the local property market is currently at an all-time high.
The July data from Land Registry's flagship House Price Index shows an annual price increase of 6.7% which takes the average property value in England and Wales to £166,798. The monthly change from June to July is an increase of 0.4%.
The region with the highest annual price change is London with an increase of 12.1%
Local Agent Tim Warren of Warren told PutneySW15.com, " I am not surprised by the current data from the Land Registry, showing that London prices are now showing an annual price increase of 12.1% as since June 2009 the market has been recovering from the recession and the first six months of 2010 have been exceptionally busy.
He continued, "However, by Mid June it became evident that the slowdown was not simply due to the advent of Summer holidays but something more fundamental, a feeling that wider economic issues would begin to have more relevance and that the upswing which had caught everyone unawares was slowing down."
"Over the next twelve months I would expect to see a closer parallel between local sales statistics and the recorded National drop for August of 0.9% with Putney house prices falling between five and ten per cent by the Autumn of 2011 . Providing estate agents and vendors show flexibility in recognising and adjusting to any price movements then I anticipate that there will continue to be a steady exchange of properties with no reason to be alarmed at any slight downward movement."
"I began my career in Putney estate agency in 1972 and have always appreciated the fact that Putney is a relatively small, well defined town with a limited stock of housing . Many of those who settle here choose to do so for the long term due to it’s excellent communication links and wide variety of accessible schools and having established themselves and their families the propensity is to stay within the area, this in itself contributes to a shortage of available accommodation and helps maintain prices ahead of the National average.Personally speaking, the Autumn market has begun encouragingly with a good and varied selection of properties for sale and some early interest from purchasers, so far so good!"
Properties Sold in SW15 - June2010
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.
October 18, 2010