|Dramatic fall in Putney home sales|
Volumes tumble as prices stagnate in local property market
The latest set of figures from the Land Registry suggest a sharp fall in the number of transactions in the local property market. Home sales fell by nearly 40% compared to the same time last year.
Prices appear to be a mixed bag falling from the previous quarter but still up from the same time last year. Prices rose by 12% over the quarter but this appears to be largely down to an increase in transactions at the top end of the market. Prices of terraced houses and flats fell over the quarter. Over the last twelve months terraced houses are up 6% and flat up 3%
James French (left) Associate Director of local agent Douglas & Gordon commented that; "The sales market in Putney is surprisingly quiet at the lower end of the market and is desperate at the top end to become busy!!! A lack of first time buyers is causing concern as buyers in these lower price ranges are choosing to rent rather than buy - the top end is stagnated by a real lack of supply as we at Douglas and Gordon have a large demand for good quality 5 bedroom family houses with good gardens but few to offer prospective purchasers.
"The figures on the Putneysw15 web site show a lack of properties being traded over the last few months - there is no doubt the market is not as busy as it should be at this time of year - the market slowed in the middle of April so the General Election was blamed - but this event has passed so it will be interesting to watch the market over the next few months. The doom and gloom talk in the national press about the economy and the news that high street retailers have had their worst months of trading could be helping to cool the property market so accurate and sensible pricing is the order of the day at present."
Putney prices are up 3.5% over the last year but this is below a 6.2% rise for London and a 11.8% national increase.
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.
May 13, 2005