Home values in SW15 move back towards all-time highs

Property prices in Putney have recovered strongly in recent months according to the latest official data.

The average price changing hands in SW15 so far this year according to the Land Registry is £572,948 not far off the record average seen in the third quarter of 2011.

This represents a rise of 13% compared with the same period last year. House prices seem to be outperforming flats with the latter rising by just 9.1% over the 12 months to March and falling in the latest quarter.

Over the last five years the average prices is up by only 14.8% with transaction volumes at just over half the level they were previously.

Local agent Allan Fuller commented on the recent figures:
"It is good to see the official figures bear out what we have been seeing this year, which is strong  demand for property in our town!"

He continued: "The data, as it has previously, also confirms the gap between London and the rest of the country. We are fortunate here that the economy in the capital is so large and active that we are somewhat insulated. Housing availability is limited and high levels of demand, and therefore the values have recovered extremely well. A 14.8% average increase over the last 5 years may not seem a lot, but set against the backdrop of the financial turmoil we have been through I think it is a ringing endorsement of the benefit of home ownership."

Looking ahead Allan addded: " One of the questions I am asked most frequently is what my predictions are for the future,? Well I cannot profess to be much of a clairvoyant but given all of the relevant factors I feel certain that values will continue to move forward. This will not be at an accelerated rate due to financial constraints, but  I expect demand will be sufficient in an area as popular as ours to keep property inflation a little ahead of general inflation. Property has sometimes in the past during times of rapid growth been a ‘get rich quick’ opportunity for some. This will not happen again  for the foreseeable future, and I for one think that is good. What matters more is that the long term benefits of owning our own home will always remain. Buying a property and gradually paying off the mortgage so that one day you own it outright is a principal that cannot be bettered, we all want to own our own castle one day, however humble!"

"Finally the Euro is about to enter a new phase, it looks increasingly likely that Greece will leave, economists predict disaster, that’s what grabs the headlines and sells newspapers.  Such a major change would send shock waves through all of Europe, including the UK, even though we kept our own currency. There is great danger of serious effects because of other weak European economies, however life will go on, simply because it has to, I cannot help thinking how Britain leaving the ERM was predicted to be total disaster, instead it was the dawn of a vast period of improvement, and who remembers the millennium bug? When life as we knew it was  predicted to cease, we all woke up the next day, most with bleary eyes and a sore head, but nothing worse!  So keep buying property, it is still one of the safest and best decisions anyone can ever take."

The March data from Land Registry's flagship House Price Index shows an annual price decrease of 0.6% which takes the average property value in England and Wales to £160,372. London remains the best performing area in the country with prices rising by 0.7% to £343,522 over the same period.

The most up-to-date figures available show that, during January 2012, the number of completed house sales in England and Wales increased by 13% to 42,511 compared to 37,584 in January 2011.

Putney Property Prices (January - March 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.

May 16, 2012