Property price fall forecast for SW15 in 2003

Figures for the month of December show that property prices in Putney appear to have fallen after remaining static in November. However the top end of the market remains under pressure according to property market research group hometrack.co.uk

-

October

November

December

Ave. Price

Change

Ave. Price

Change

Ave. Price

Change

Terraced

385,000

+ 1%

385,000

0%

382,000

 -1%

Semi-detached

N/a

N/a

N/a

N/a

N/a

N/a

Detached

N/a

N/a

N/a

N/a

N/a

N/a

Flat and Maisonettes

267,000

- 1%

268,000

0%

266

    -1%

All Properties

294,000

-0.2%

295,000

+0.3%

293,000

- 0.6%

Prices in London overall were slightly down bringing the rise in prices over 2002 to 12.1% for the capital. During the year the average selling price was 93.5% of the asking price.

The numbers of registered buyers in Putney fell by 7% during December, although this is partly a seasonal trend. The number of properties on agents books continued to rise increasing by 6%

John Wrigglesworth of hometrack said, "High priced properties in central boroughs have been particularly hard hit with falls of over 5% being typical for 1 million-plus properties over the last 3 months." He blamed city job losses and employment worries and is now forecasting a 5% fall in London property prices overall in 2003 with property prices over 500,000 falling faster implying that Putney will have a larger fall than 5%

The Nationwide Building Society presented a more sanguine view of property prices. On their measure London prices increased by 21% and they predicted a further 5% rise in 2003 although they believe London increases will be slower than the rest of the country.

17th January 2003