|Pause for Breath in Putney Property Market|
Fewer homes at the top end selling in latest period
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:
"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.
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%
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