|Putney House Sales More Than Doubled In Volume Over Past Year|
But the flat market has reduced in the same period
The average home in the SW15 area in the fourth quarter of last year cost £491,846 up by 27.3% compared to the same period last year.
In the same period of 2008 no detached or semi-detached houses were sold which will have effected the overall average prices however the recovery is not just a statistical blip as the volume (145%) and average prices (27.6%) of terraced housing are both up.
Total sales volumes have more than doubled (133%) compared to same period last year with the average price over the same period rising by 27.3%. The larger the property the more the increase in value can be seen with value of detached properties sold rising by 146.5% in the past five years whereas the average flat sold has only increased in value by 32%.
Over the same five year period the volumes have also been affected by size of property - the number of sales of flats has decreased by 37.4% whereas the number of detached properties sold has increased by 233.3%.
In December, London experienced an annual house price change of 6.1% according to the Land Registry. This is the third month in a row that prices have increased year on year. Although London’s annual movement has mirrored that of England and Wales for some time, it now appears that London’s growth in general is increasing more rapidly.
The figures for England and Wales as a whole in December show an annual increase of 2.5%. This brings the average house price in England and Wales to £161,783. This is the first positive annual house price change since May 2008.
Right Move's House Price index, which is based on offered prices rather than sales prices, is showing that in January in London prices rose to an average of £407,731. This represents an annual change of 5.5%. Right Move say their figures show 'century low' stock levels for estate agents with the average agent having less than 65 properties on their books.
Miles Shipside, commercial director of Rightmove said, “The decision of post New Year sellers to ask for a higher price could be a shrewd move. In spite of problems brewing for later in the year, there are definitely some of the ingredients for a buoyant spring, and a window of opportunity that sellers may wish to take advantage of.”
The numbers below are subject to revision as is it usual that some properties are added late to the Land Registry's database.
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.
March 4, 2010