|Putney House Prices Power Ahead|
Average price now over half a million mark
The latest official figures for property in the Putney area show that prices having been continuing to rise so far this year despite the economic uncertainty.
The average property price in 2010 up to the end of March in SW15 was £515,553. This is 4.8% up on the previous quarter and 18.7% up on the previous year. This sharp rise over the year is mainly driven by an increased number of transactions involving higher priced semi-detached houses. The prices of terraced houses and flats only rose by 5.5% and 4.4% respectively.
Over the last 5 years Putney property is now up by 47.1%
There was good news for estate agents with the sharp recovery in transaction volumes which were up by 142% on the same period last year.
London has been the best performing region of the country over the last twelve months to the end of March with the average price in the capital rising by 13% to £336,409. The rest of the country has seen rises of 7.5% bringing the national average to £164,288 although prices did fall slightly during March.
Right Move's House Price index, which is based on offered prices rather than sales prices, is showing that in April sellers ignored pre-election concerns and put prices up by 2.6% in the month. In London the average asking price is now £421,822.
Miles Shipside, commercial director of Rightmove said, “Rarer property types in desirable locations are achieving record prices. For ‘location, location, location’ you can also read ‘cash, cash, cash’. Conversely, in areas where buyers have less access to cash or mortgage finance, or there is an over-supply of a certain property type, then sellers are having to price much more aggressively to secure a sale. There is increasing divergence between these different markets, with agents reporting some pockets where a couple of viewings find a cash-rich buyer, whereas a few miles down the road it’s taking over 20 viewings to achieve a sale”.
Although political uncertainty appears to have had little impact on property in the UK thus far he expects the market to go into 'suspended animation' until a clearer picture emerges on the stability of the new Government.
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.
May 12, 2010