SW15 home values move back to peak levels

The data for sales in November is suggesting that the Putney property market is approaching new all-time highs.

According to the Land Registry the average sale price in the SW15 area during the month was £582,254. The average price during the third quarter of 201 was £542,562 a record for a three month period.

The average does include a sale of a home on the Embankment for £3,125,000 but even without this transaction prices are at an historical high.

According to the Land Registry, London property prices are up by 6.8% in November compared to last year. This is the slowest annual rise in 2010 but remains the highest level in the country.

This brings the average property price in London to £341,009, in comparison to the figure for England and Wales, which is £164,773.

For the country as a whole November's data shows a fall of 0.6%. This is the third consecutive month in which prices have fallen. The annual house price growth rate has continued to decline for the sixth month in a row, with an increase of 2.2%. This is the smallest growth seen in 12 months.

Nationwide's House Price index for December which is based on offer prices rather than actual sales like the Land Registry did show an increase.

Martin Gahbauer, Nationwide's Chief Economist, said, "“There is little evidence to suggest that house price declines are likely to accelerate in the months ahead. Much of the weakness in property values since the Spring has been driven by a return of sellers to the market, following unusually low levels of property for sale in 2009 and early 2010. However, there is little to indicate that these sellers need to achieve a sale urgently for financial or economic reasons, which means that the downward pressure on house prices is only modest."

The latest reported sales are given in the table below.

Properties Sold in SW15 - November 2010

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.

April 7, 2011