Recent transactions suggest home prices at new high

Sales data released by the Land Registry suggest that Putney property prices have reached new highs in the second half of 2011.

Since the end of June 109 homes have been reported sold at an average price of £659,997. This is well above the record level for any three month period since records began. Although the average may fall as more properties get reported as being sold, it looks like the third quarter of 2011 will mark a new high.

There were 19 properties sold for over £1 million during the period including 3 that went for over £3 million in Heathview Gardens, Bramcote Road and Genoa Avenue.

London was the only region in England and Wales to experience an increase in its average property value over the last 12 months according to the Land Registry. The average price rose by 2.1% to £348,686.

The national House Price Index shows an annual price decrease of 2.6% which takes the average property value in England and Wales to £162,347.

The most up-to-date figures available show that during June 2011, the number of completed house sales in England and Wales decreased by 13% to 54,776 from 62,714 in June 2010. The number of properties sold in England and Wales for over £1 million decreased by 28 per cent between June 2010 and June 2011, from 644 to 465.

Local agent Allan Fuller told PutneySW15.com:
"These figures are fascinating because they are proof of what we have been telling our clients, that the property market is alive and well and living in Putney!"

He continued: " Undoubtedly in many parts of the UK sadly that is not the case, and may well not be for some time. London however is virtually a separate economy, and with property such a finite resource in the sought after areas like ours, it was inevitable that demand would outstrip supply. The prices being achieved here now are above the peak of the market at the end of the boom in 2007."

"The outlook I feel is that demand will continue to drive the market, but the general economy must not be ignored, the problems worldwide and particularly for the Euro cannot be ignored but somehow a way forward has to be found. For anyone contemplating a move my team and I are always on hand to give sensible calm advise in these turbulent times."

"At the moment I expect the market should remain stable. Whatever happens ours will certainly remain an immensely  popular place to live."

The numbers below are subject to revision as is it usual that some properties are added late to the Land Registry's database. The latest reported sales are given in the table below.

Properties Sold in SW15 - July 2011

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.

November 30, 2011