|Putney House Prices Hold Firm|
The latest official figures for property in the Putney area
The average house price in Putney is £513,943 according to figures from the Land Registry. This represents an increase of 6.7% over the past year despite a small dip in the last quarter.
Sales continue to recover well from the lows seen during the financial crisis up 37.8% in the three months to June 2010 with 186 units sold. This, however, is only about half the number of homes that changed hands during the same period three years ago.
London overall experienced an increase of 12.2% in June compared to last year. In comparison to this, the figure for England & Wales as a whole was currently 8.4 per cent. London’s house prices are now around the same levels they were three years ago.
London's monthly change brings the average house price there to £338,027, while the average for England and Wales is £166,072.
In the SW15 area sales of detatched housing has dropped by -42.9% over the past 12 months in terms of numbers sold, however the average price for the sector in the same period have seen an increase of 33.5%.
Looking ahead some analysts are not optimistic that the current price strength will be maintained.
Miles Shipside, commercial director of Rightmove, comments: “The number of new mortgages being approved each month is less than half the number of new sellers, with the imbalance being exacerbated by the increase of nearly 50% in the number of properties coming to market compared to a year ago. More aggressive pricing is now the order of the day, which means that conditions are ripe for a strong buyers’ market in the second half of 2010. This is likely to see the average price gains of 7% for the first half of the year wiped out by year-end, in line with Rightmove’s original forecast for the year of no net change in prices”.
Michael Hodgson, Chief Executive for Douglas & Gordon sees Putney as part of "Prime South West London" he believes that,"... many domestic vendors have sold their properties in prime central London and have either downsized, or bought more property for their money in neighbouring areas. This has lifted the prestige of areas in South West London such as Fulham, Clapham, Battersea, Wandsworth and Putney, which are now the locations of choice for senior and middle management."
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.
August 13, 2010