|Putney Flat Prices Reach All-Time High|
Buyer interest switches to cheaper end of SW15 property market
The market for property in Putney remains robust according to the latest official figures.
Buyer interest in Putney property is becoming increasingly concentrated at the lower end of the market according to the latest official figures. Flat prices in the area have hit a new high and over 70% of sales involve this type of home. The average price of a flat in the area is now £407,657 a new record level.
The average price of a home sale reported to the Land Registry during the fourth quarter of 2012 in the SW15 post code area was £521,837. This is down by 7.3% compared to the previous three months although up by 9.8% compared to the same period in 2011. The increased proportion of flats sold and lower prices for houses is driving the overall average down.
Over the longer term Putney property prices are up by 13.8% over five years and 48.3% over ten years. Despite the recent surge in interest in flats, houses remain the best performing home type over the longer term.
Local agent for over 30 years in Putney, Allan Fuller told PutneySW15.com:"All our evidence shows that demand is far outstripping supply and demand for any house we put on the market is immense.
"There has been a marked increase in activity already this year, just as an example last week we put a flat on the market again that had failed to sell a year ago, we increased the price considerably and over the weekend had an open house viewing and achieved 10% more than we had asked a year ago, it might be just one example but it perfectly encapsulates the demand and desire for properties in our area."
"The statistics are always for deals completed, so never can reflect current sales, when the deals that are in progress now become reality in a few months I predict that they will show a marked increase in values across all areas of the market in Putney."
London was the best performing part of England and Wales during 2012 with an increase of 8.4% The average price of a home in London is now £371,223 according to the Land Registry.
For England and Wales as a whole prices rose by 1.7% over the year to £162,080.
The most up-to-date figures available show that during October 2012, the number of completed house sales in England and Wales decreased by 3 per cent to 56,337 compared with 57,988 in October 2011.
The number of properties sold in England and Wales for over £1 million in October 2012 increased by 14 per cent to 623 from 548 in October 2011.
All regions saw a decrease in repossessions between October 2011 and October 2012 ranging from 8 per cent in the South East to 35 per cent in the North East.
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 22, 2013