Recent months sees average retreat from record levels

The summer months seem to have marked a peak for SW15 property prices with home values falling back since then.

During September and October the average property price level has dropped to just under £600,000 have been above £700,000 in July and August. The third quarter of the year saw prices in Putney and Roehampton reach their highest ever level.

There have been 114 transaction reported to the Land Registry since the beginning of September, 114 of which were in the million pound plus price bracket.

The most expensive home sold in this period was a house on Tideswell Road which cost its new owners £2,285,000

The September data from Land Registry's House Price Index shows that London remains the best performing property market in England and Wales. The average price of a home in the capital rose by 9.3% over the year to £393,462.

Local agent Allan Fuller told PutneySW15.com:
"These are fascinating statistics,  I had expected to see an increase in values this year but no one foresaw that property values would rocket in the way they have. It proves conclusively that we all want to own our own home, despite predictions that there would be a trend to long term renting. The combination of an improving economy, especially in London, and incredibly low interest rates have brought home ownership back in to the limelight.

He continued: "We have sold nearly 3 times the amount of property this year compared to 2012, and even this close to Christmas we are inundated with enquiries. As always a snapshot of results can distort the real situation. There are slightly less very high prices sales, probably because to market over two million is slowed by people being put off by the 7% stamp duty, but everywhere else activity has been incredible. A rise of 9.3% is overall in London, but that is an average and we can show that some properties in Putney have increased in value by almost 20% and we have consistently achieved results that have amazed our clients.

And the future? Allan said: "So what will happen in 2014? Our view is that demand will remain just as strong,  however the rate of increase is likely to be slower, but as hopefully the economic conditions continue to improve the success of London will filter out across more of the country, Putney will, as always be in the vanguard of what is happening, it just keeps getting more popular as a place to live. If 2014 is the year you might be moving the current market might seem confusing, but it’s nothing new to us, after 30 years in Putney we have seen every sort of market, so for sensible down to earth advise why not drop in for a friendly chat and a coffee or give us a call?"

Jon Pishiri, RICS London residential spokesperson commented: “Increasing demand and continuing low supply are major determinants in London prices being pushed up. The Help to Buy initiative coupled with rising rental values are further encouraging people to purchase a house as opposed to renting. There is an obvious need to increase supply to the market in order to address this problem.”

For the country as a whole prices rose by 3.4% which takes the average property value in England and Wales to £167,063. Repossession volumes decreased by 28 per cent in July 2013 to 1,187 compared with 1,645 in July 2012.

The number of properties sold in England and Wales for over £1 million in July 2013 increased by 34 per cent to 1,143 from 852 in July 2012.

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.

January 15, 2014