SW15 Property Prices Up 6.8% in 2016

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Year ends with prices below the all time highs seen in the autumn

Property prices in SW15 increased by 6.8% in 2016, but this increase was below the English & Welsh average of 7.2% and off the all-time highs seen during the Autumn. The average sale price in the area was £752,437 in the fourth quarter of last year.

Volumes of sales was down a lot with fewer than 100 flat sales reported in the area in the last quarter of 2016 - less than one per day, recorded by the Land Registry.

At this rate it will take a long-time to clear the current unsold inventory (however it should be noted that there will be more transactions reported for this quarter so number of sales will in due course rise).


Image: Google maps

Two detached properties were sold in the final quarter of the year with £2,850,000 the highest price recorded for the sale of a six bedroom house with swimming pool in Bristol Gardens on Putney Heath.

Local agent Allan Fuller commented, "The London property market is in an interesting phase. Which is a little like a politician say I’m glad you asked me that question, because it’s the one they did not want and they are playing for time to gather their thoughts.

"So some home truths (pun intended) despite the recession that started nearly 10 years ago property prices have risen considerably. This is due to low interest rates, and high levels of employment. Right now the London market has slowed, here the majority did not want Brexit, much of the capital's economy is centred around the financial world and uncertainty has overshadowed its future and every day we get conflicting media coverage. So some would be buyers are sitting on their hands.

"Meanwhile the effect of years of strong growth in the metropolis is still rippling out and property activity in parts of the country that voted out is more active, and seeing price rises. It is no bad thing to see prices rising more slowly though, and in parts static, or even as is the case in central London dipping. It make it more affordable for more people.

"The paradox is that this is absolutely the right time to buy before interest rates rise as inevitably they will, there are fantastic rates and amazing deals that buyers can lock in to! So my advice is buy now, before stocks of low interest rate mortgages run out!"

The Office of National Statistic's House Price Index is showing that the average price of a home sold in England and Wales was £219,544 in December 2016 up by 7.2%. Having been consistently above the levels seen in the rest of the country prices in London are now rising less quickly than the overall average and now stands at £484,000. This is the first time home values in the capital have underperformed the rest of the country since the financial crisis in 2008.

The number of property sales in England in October 2016, the latest figure available was down 34.5% year on year.

If your agent is claiming to be marketing your property effectively and it doesn't appear on PutneySW15.com it may be time to choose a new agent.

The numbers below are subject to revision as is it usual that some properties are added late to the Land Registry's database.

 

Putney Property Prices (October - December 2016)
Area	Detached	Sales	Semi-detached	Sales	Terrace	Sales	Flat/ mais	Sales	Overall Ave	Overall Sales
SW15 1	0	0	2203333	3	1332857	7	685013	15	1048608	25
SW15 2	2650000	1	0	0	1024625	8	708452	19	868128	28
SW15 3	2850000	1	1117500	2	974375	4	529810	21	718161	28
SW15 4	0	0	0	0	430000	3	299071	7	338350	10
SW15 5	0	0	0	0	695636	11	466687	12	576185	23
SW15 6	0	0	2174167	3	916667	3	480826	23	701086	29
Total	2750000	2	1920937	8	919903	36	552727	97	752437	143
Last quarter	-24.2%	-83.3%	17.5%	33.3%	-12.3%	-25.0%	-0.6%	-34.5%	-13.4%	-33.2%
Last year	37.1%	-81.8%	54.5%	-27.3%	2.3%	-32.1%	3.0%	-46.7%	6.8%	-44.4%
Last three years	36.1%	-88.2%	75.4%	-50.0%	13.4%	-52.6%	28.2%	-56.3%	19.0%	-56.8%
Last five years	68.0%	-50.0%	75.6%	60.0%	36.8%	-21.7%	41.8%	-50.5%	58.3%	-43.0%
Last ten years	96.6%	-91.7%	127.1%	-69.2%	80.1%	-58.1%	77.6%	-67.9%	70.4%	-67.4%

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 10, 2017