|Putney Property sales up on the last quarter|
Tim Warren of Warren's Estate Agents gives his view of the local market
It is generally acknowledged that property prices are falling and the market has cooled considerably since the last increase in interest rates. Basically I consider this to be no bad thing as the previous rate of growth was clearly unsustainable and possibly beneficial to very few.
In my view current values are between 5% and 10% down against our recorded sales for the first five months of 2004. I daresay this doesn't match official figures exactly because I don't believe there have been enough recent sales to record the true picture.
It is a fact that in Putney there are very few 'forced sales' and if vendors perceive that the market is poor they will not sell but simply gamble on the market improving in the future. Hence this autumn we have witnessed relatively few instructions with clients building up their hopes for a livelier market in 2005.
Putney Property Price Changes July - September 2004 - Total sales: 410
In spite of all this, here at Warren we have fared reasonably well satisfying a small number of purchasers who sold in the spring, moved into rental accommodation and have, therefore been in a position to take full advantage of the relative lack of competition from other buyers.
In early January 2005 I expect we shall be busy with the certainty of some 'bonus led' buyers, a renewed enthusiasm for the New Year market and also some exciting new instructions.
Lets hope that all of the Putney estate agents behave realistically with their valuations and ignore some of the advice sent down from their corporate head offices which tells them to value well over the market, sign up vendors on highly restrictive instruction agreements for two months or more and as soon as the ink is dry, start talking down the price!
Putney Property Price Changes April - June 2004 - Total sales: 335
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.
23 November 2004