|City Bonuses Drive Putney House Price Rises|
Average home in SW15 now costs over £400,000
The latest set of figures from the Land Registry suggest that prices of property sold in Putney have reached an all-time high. It now costs over £400,000 to buy the average home.
Once again Putney prices have outpaced elsewhere. Over the last year (up to the end of September) the average property in SW15 has risen by 14.5% against a 4.4% rise for the rest of London and a 3.5% rise nationally.
However, a closer analysis of the figures reveals a much more mixed picture with much of Putney's housing stock not seeing rises. Increases are concentrated at the top end of the market where million pound properties seem to be changing hands faster than ever.
Tthe news is not so good for flat owners as the average price for this kind of property was down by 3.3% over the same period. Terraced properties fared even worse down by 6.8% over the year.
The City based investment analyst who compiled the figures exclusively for PutneySW15.com said that bonuses in the Square Mile are clearly having an affect on the market but that most financial market professionals were now buying property on the basis of need rather than as an investment. The main cause for concern was the sharp fall in the number of flat sales which fell by 41.7% over the year. This could be taken as an indication of a first time buyers' strike.
James French (left) Associate Director of local agent Douglas & Gordon commented that; " Further to my last article the Putney sales market hasn't changed much over the last few months - the lack of supply of stock still remainis the biggest hinderance to the market and this lack of supply is causing the price increases. Hopefully the New Year will change thaings as the Spring is tradiontally is the best time of year to sell and this should free up some more property.
Putney remains ever popular and with the proposed opening of the Frankie Dettori and Marco Pierre White restaurant will continue to grow in its popularity. The cold winter days are made for long river walks and for fine lunches in the local shops and restaurants. May I take this opportunity of wishing you all a very Happy Christmas."
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.7th November 2005