Pause for Breath in Putney Property Market

Fewer homes at the top end selling in latest period

Warren The Putney Estate Agents

SW15.com

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The latest data from the Land Registry are showing that prices in the Putney area rose by 11.2% in the latest period. The average home in SW15 now costs £407,634.

This is down from the levels seen at the end of 2006 mainly due to a fall off in the number of more expensive properties changing hands in the first quarter of the year.

Only 3 detached homes were sold compared to 20 in the final quarter of 2006, although it should be noted that there may be late sales to be recorded in these numbers. Towards the end of 2006 two homes changed hands for over £3,000,000 (in Gwendolen Avenue and St. Simon's Avenue). The house on Gwendolen Avenue was the second most expensive property to change hands in Putney.

The prices of flats and terraced houses have continued to move steadily ahead rising by over 20% each over the last year. Sales of local flats continue to be brisk.

Local agent Tim Warren of Warren commented:
"Another hectic start to the year - the property market is now showing signs of understandable exhaustion and there are several possible reasons for this.

"The summer months are traditionally the quietest as many purchasers hope to have bought already so that they can finalise their moving during the holiday period. Following this there are the increasingly gloomy predictions of further interest rate rises and potential shortfall with buy to let yields, causing anxiety amongst investors.

" Interestingly there are over two hundred properties within SW15 with recent price reductions and even accepting that many of them were originally overvalued, it may still be indicative od a trend.

However, all is not lost, statistically there are more people wanting homes than properties available and Putney is an increasingly popular place in which to live and in my opinion a good medium to long term bet."


Over the last three years Putney property prices are up by 30.1%

Nationally properties were up by 8.3% over the last year to an average price of £178,423. London saw the highest rise for England and Wales in this period with the average property now costing £323,511 up by 11.6%


Putney Property Prices - January - March 2007

Jan - Mar 2007 Detached Sales Semi-Det Sales Terrace Sales Flat/
Mais
Sales Overall Sales
SW15 1
£0
0
1168431
8
702168
22
372339
32
592097 62
SW15 2
£0
0
£0
0
665961
13
392370
54
445455 67
SW15 3
£0
0
462750
12
475999
6
287517
51
334382 69
SW15 4
£0
0
£0
0
£0
0
170900
21
170900 21
SW15 5
£0
0
£0
0
332079
13
241135
21
275908 34
SW15 6
1403333
3
780333
3
527666
3
332028
52
416384 61
Overall
1403333
3
749628
23
576512
57
318980
231
407634 314
Last quarter -2.6% -85.0% -11.8% 4.5% 12.8% -28.8% 1.2% -7.2% -9.4% -15.4%
Last year -0.4% -50.0% -22.5% 76.9% 20.3% -10.9% 20.1% 10.0% 11.2% 7.2%
Last three years 28.0% -75.0% 37.4% 64.3% 45.5% -5.0% 32.7% -4.5% 30.1% -4.3%

 

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.

July 25, 2007