|Putney Homes Hit All Time High|
Strong sales growth sees average price smash record
Following continued growth over the past few months the latest statistics show that the average price for a home with an SW15 postcode is £542,562 - a new record for the area.
Strong price increases have occurred in most sectors with both semi-detached and detached houses increasing by over 20% over the last year.
Flat prices are rising more slowly up by 10.5% over the year. However it is this sector which has seen the the largest increase in volume of sales over the past year by over 26%.
Volume recovery overall for the area has been good with sales up by 25% compared with the same months in 2009. However the levels are not unprecedented - average price is only 8.5% up on the average three years ago.
For London as a whole the Land Registry data shows an increase of 8.8% in September over the same month in 2009. The average price of a London residential property is now £340,344. This is the smallest annual rise since December 2009. Compared to August prices fell by 0.6%
The Nationwide's House Price index is suggesting a lower overall increase in prices than the Land Registry. This is based on offer prices for homes rather than achieved sale prices. Martin Gahbauer, Nationwide's Chief Economist, said:
He now thinks that a second round of quantative easing will be supportive for the property market.
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.
November 12, 2010