|Putney Property Prices Carry on Their Staggering Rise|
SW15 prices increase again with flats performing the best
The latest set of figures from the Land Registry suggest that prices of property sold in Putney are outperforming not only the UK average but the average of London as a whole.
The continued rise of the property market may have been a fact in prompting the Bank of England to increase the base rate by a quarter of a per cent recently to 5% Although the rise may seem nominal the level of gearing of many mortgage holders may mean that payment becomes more difficult.
After the prices of flats remaining static in the previous quarter, they have shown the best increase this time. Semi-detached houses have taken a temporary plunge while detached properties continue to do well.
As far as volume of sales go, the number of detached houses exchanging hands jumped 145% in the last quarter and 19.3% more flats were sold. In comparison, the numbers of semi-detached and terraced properties being sold dropped over the last 3 months.
Local agent Tim Warren commented:
It will be fascinating to see whether the recent increase in interest rates to 5% succeed in slowing the market although with very few properties currently for sale and huge city bonuses I expect demand to be as strong as ever in the first few months of next year.
However, nothing lasts forever and I would advise purchasers and particularly ‘buy to let’ inventions to approach the market with an element of caution! "
Putney Property Prices - July - September 2006
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.
November 13, 2006