Putney Property Prices Latest

Market continues to defy gravity as prices move up

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Despite the gloomy financial background and widespread predictions of a market crash Putney property prices have continued to be surprisingly strong.

So far in the third quarter, according to figures from the Land Registry the average price of properties sold is £633,107. This is way above the average for the second quarter which was marginally above £500,000 and suggests that on this measure property prices are actually reaching new highs.

The exceptionally low levels of volume do, however, mean that the figures should be treated with some caution. One explanation for the rise in the average could be that the composition of homes changing hands is changing. Fewer flats being sold and more higher priced houses will boost the overall average. On the other hand it is impossible to dismiss the numbers as solely being a statistical quirk. On a like for like basis the prices of terraced and semi-detached houses do seem to be above previous levels.

There seems to be little evidence of distressed selling in the Putney area at the moment and with many homeowners looking to upgrade and the resilience of the market is providing them with the equity to get a larger property in the area.

Local agent & Putney resident Tim Warren commented:

Lies , damned lies and statistics’ - Possibly a little harsh to use Disraeli’s famous quotation in relation to the latest Land Registry figures , except that they bear very little relation to what is actually happening to Putney property prices .

Land Registry figures do not specifically compare like with like , only a broad vaguely collated sweep and currently using a very small sample of sold properties with no acknowledgement of the square footage nor the state of modernisation of each individual house or flat.

There is no doubt that the market is in a state of uncertainty and it would be optimistic to imagine that the prevailing financial problems will not continue have a detrimental impact on house prices in SW15 as the recession takes hold and until confidence in the economy is restored . Whilst unemployment rises, businesses close down and bankruptcies multiply there will be little good news to encourage buyers en masse back to the market.

Here on ‘the street’ , I am in daily contact with estate agents, vendors and applicants as well as conveyancing solictors, bank valuers and City contacts, everyone of them are in agreement that effectively local values have dropped by fifteen per cent and have further to fall . I have heard of nothing that has actually sold at anything close to the peak nor of any current offers and yet certain estate agents continue to value at figures which are in excess of anything we have experienced before, in a crude attempt to snare instructions . In these difficult times, agents have a responsibility to lead and to give realistic advice, not to patronise vendors with false expectations and have the market cluttered with daft prices which will not be achieved . There are some very good buyers out there, not vultures, simply looking to pay a fair price which reflects market conditions, Putney also has many excellent agents who have a good grasp on reality and tell it as it is .

Of course we all appreciate that Putney is a fine place in which to live and raise a family but it has no special immunity from factors outside of the area although it may well be the case that prices drop here less than other parts of London, but dropping they are! One hopes that most people will be able to ride out the storm and look ahead to brighter times which will surely return."

Properties Sold in SW15 - July 2008

Address Price (£) Deed Date
Flat 3, 46, Keswick Road, SW15 2JE
445,000
31/07/2008
4, Rayners Road, SW15 2AY
3,150,000
31/07/2008
2c, Keswick Road, SW15 2JF
120,000
30/07/2008
Flat 42, 101 107 Downholme, Upper Richmond Road, SW15 2TH
285,000
29/07/2008
Flat 4, 2, Schubert Road, SW15 2QS
470,000
28/07/2008
3, Westhorpe Road, SW15 1QH
992,000
25/07/2008
Flat 46, Avon Court, Keswick Road, SW15 2JU
167,500
25/07/2008
175, Felsham Road, SW15 1BB
580,000
25/07/2008
Flat 1, Sprewell House, Lytton Grove, SW15 2EU
245,000
25/07/2008
19, Abbotstone Road, SW15 1QR
800,000
25/07/2008
79, Bangalore Street, SW15 1QF
970,000
25/07/2008
24, Gladwyn Road, SW15 1JY
357,500
25/07/2008
Southgate, Malbrook Road, SW15 6UH
1,235,000
25/07/2008
3a, Borneo Street, SW15 1QQ
497,500
24/07/2008
16, Dryburgh Road, SW15 1BL
2,800,000
24/07/2008
45, Festing Road, SW15 1LW
825,000
24/07/2008
Flat 10, 48 50 Grangewood, Upper Richmond Road, SW15 2RN
245,000
18/07/2008
14, Stanbridge Road, SW15 1DX
915,000
18/07/2008
177, Felsham Road, SW15 1BB
495,000
18/07/2008
100, Clarendon Drive, SW15 1AH
1,275,000
18/07/2008
225, Frensham Drive, SW15 3EE
209,000
18/07/2008
Flat 17, 94 Mayfield Mansions, West Hill, SW15 2YB
281,000
18/07/2008
139, Felsham Road, SW15 1BB
496,000
18/07/2008
10a, Woodborough Road, SW15 6PZ
925,000
17/07/2008
Flat 2, Glenalmond House, Manor Fields, SW15 3LP
585,000
16/07/2008
6, Charlwood Court, Charlwood Road, SW15 1PE
290,000
15/07/2008
65, Deodar Road, SW15 2NU
2,750,000
15/07/2008
Flat 5, 35, Keswick Road, SW15 2EW
550,000
15/07/2008
4, Redgate Terrace, SW15 2ES
390,000
14/07/2008
85, Mexfield Road, SW15 2RG
700,000
14/07/2008
Flat 6, Hewett House, Horne Way, SW15 1JE
211,300
14/07/2008
Flat 5, March Court, Warwick Drive, SW15 6LE
310,000
14/07/2008
Flat 12, Newnham House, Manor Fields, SW15 3ND
449,950
11/07/2008
55, Galveston Road, SW15 2RZ
1,600,000
11/07/2008
83a, Erpingham Road, SW15 1BJ
630,000
11/07/2008
6, 1 Grosvenor Court, Rayners Road, SW15 2AX
375,000
11/07/2008
6, 1 Grosvenor Court, Rayners Road, SW15 2AX
375,000
11/07/2008
4, Fairdale Gardens, SW15 6JW
485,000
11/07/2008
Flat B, 92, Putney High Street, SW15 1RB
205,000
09/07/2008
116, Priory Lane, SW15 5JL
2,650,000
08/07/2008
Flat 1, Buriton House, Wanborough Drive, SW15 4AR
235,000
07/07/2008
Flat 11, Ullswater, Putney Hill, SW15 6RY
407,000
07/07/2008
First Floor Flat, 84, Fawe Park Road, SW15 2EA
325,000
04/07/2008
3, Espirit House, Keswick Road, SW15 2JL
427,700
04/07/2008
Flat 2, 23, Clarendon Drive, SW15 1AW
400,000
04/07/2008
Flat 72, 217 Percy Laurie House, Upper Richmond Road, SW15 6SY
350,000
04/07/2008
39, Keswick Avenue, SW15 3QH
395,000
04/07/2008
4, Draco Gate, SW15 1XP
580,000
03/07/2008
Flat 10, Ruvigny Mansions, Embankment, SW15 1LE
590,000
03/07/2008
The First Floor Flat, 67, Lower Richmond Road, SW15 1ET
310,000
02/07/2008

 

 

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.

October 10, 2008