Large family houses remain in demand in Putney and Roehampton
House on Roedean Crescent went for £5,430,000
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The latest official figures for residential property sales in the SW15 postcode area show that, for the first time ever, the average has exceeded £1 million.
Data released by the Land Registry for the fourth quarter of 2020 reveals that the average sale price for Putney and Roehampton rose by 49% compared to the same three months in 2019 to £1,000,772.
The huge swing in the average appears to have more to do with the mix of properties being sold rather than general changes in price levels. In the comparable period in 2019 there were a significant number of sales of lower priced terraced houses in the Doverhouse Road area whereas in the three months for the latest period two houses changed hands for over £5,000,000 and another one for more than £4,000,000.
The top price paid during the period was £5,430,000 for a detached house on Roedean Crescent and £5,400,00 changed hands for a house on Genoa Avenue.
Volumes remain very low by historic standards but there is still a reasonable amount of activity in smaller properties with more than half of the sales during the quarter being of flats and maisonettes.
An estate agent based on Putney High Street said, “Obviously at the moment the stamp duty exemption is an important factor. We have some anxious vendors with sales held up by legal or financial issues and it is very frustrating for them particularly but also for us as there is nothing practical we can do to help other than chasing things up repeatedly on the phone.
“The concern has to be what the chancellor does about stamp duty in the budget but if there is just a resumption of previous rates he will have created a cliff edge situation which will be a disaster for many people. If he is unwilling to grant an extension, some sort of transitional arrangement in which sales that were initiated well in time but were delayed through no fault of the buyer or the vendor should be allowed to retain the exemption.”
| Putney Property Prices (October - December 2020) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Area |
Detached |
Sales |
Semi-detached |
Sales |
Terrace |
Sales |
Flat/ mais |
Sales |
Overall Ave |
Overall Sales |
| SW15 1 | 0 | 0 | 1827000 | 3 | 1366409 | 11 | 612600 | 5 | 1240763 | 19 |
| SW15 2 | 0 | 0 | 0 | 0 | 1111000 | 1 | 508227 | 11 | 558458 | 12 |
| SW15 3 | 0 | 0 | 685000 | 4 | 0 | 0 | 589388 | 13 | 611885 | 17 |
| SW15 5 | 4065000 | 2 | 1137500 | 2 | 603750 | 6 | 329333 | 3 | 1155038 | 13 |
| SW15 6 | 3746667 | 3 | 2500000 | 2 | 972500 | 4 | 556962 | 13 | 1244114 | 22 |
| Total | 3874000 | 5 | 1408727 | 11 | 1075182 | 22 | 545423 | 45 | 1000772 | 83 |
| Last quarter | 111.1% | -64.3% | 1.3% | -31.3% | -6.6% | -52.2% | -14.7% | -45.8% | 3.4% | -47.8% |
| Last year | 56.6% | 25.0% | 5.7% | 120.0% | 43.4% | -21.4% | 8.1% | -40.8% | 49.0% | -26.5% |
| Last three years | 49.7% | -16.7% | 15.5% | 57.1% | 19.1% | -35.3% | 2.9% | -64.8% | 42.8% | -52.6% |
| Last five years | 93.2% | -54.5% | 13.3% | 0.0% | 19.6% | -58.5% | 1.6% | -75.3% | 42.0% | -67.7% |
| Last ten years | 475.3% | 66.7% | 41.6% | -26.7% | 46.4% | -62.7% | 56.6% | -64.8% | 95.7% | -59.5% |
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
The Nationwide House Price Index for January showed that the annual rate of increase i slowed to 6.4% from 7.3% in December, while average house prices have fallen by 0.3% month-on-month, from £230,920 in December to £229,748 in January.
Robert Gardner, chief economist at Nationwide, said, “To a large extent, the slowdown probably reflects a tapering of demand ahead of the end of the stamp duty holiday, which prompted many people considering a house move to bring forward their purchase. While the stamp duty holiday is not due to expire until the end of March, activity would be expected to weaken well before that, given that the purchase process typically takes several months (note that our house price index is based on data at the mortgage approval stage).”
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February 12, 2021
