Average terrace house now costs nearly a million, average flat nearly half a million
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Putney residential property prices have surged to a new all-time high with the overall average now within touching distance of £800,000.
Numbers released by the Land Registry for the second quarter of 2014 show a huge increase over the previous three months and the same period last year. The rise has been led by a sharp rise in activity at the top end of the market with 22 detached properties changing hands during the three month period, the highest level of turnover since 2006.
Although the increased number of these multi-million pound properties have further boosted the overall average, the rises across the SW15 post code area have been broad based with terrace houses and flats rising by 24.1% and 27.3% respectively over the last year bringing the average Putney terrace house to just under a million pounds and the average Putney flat reaching nearly half a million pounds.
These prices have been inflated by strong demand for detached houses - 22 were sold during the quarter - the highest number since 2006. Price rises were broad based with terraced houses and flats up by 24.1% and 27.3% over the year.
There has also been a huge increase in the number of transactions taking place with turnover up by 44.2% compared with the same period last year.
Local agent Alex Nathanson, Sales Director of Warren, The Putney Estate Agents said: "The large percentage increases in SW15 property prices has an interesting impact depending on your point of view. As a buyer you are inclined to feel the market is overheated and that prices will come down. As a vendor it is difficult to commit to selling when you see the value of your property seemingly going up on daily basis. When the market moves dramatically over a relatively short period of time it is easy to get carried away with speculation about the future."
Alex continued: "No estate agent has a crystal ball and no estate agent can guarantee where we will be in the next 6-12 months. Eventually interest rates will go up and we know there will be an election in 2015; these and a myriad of other factors beyond our control will have an impact on mood and liquidity. However, the recent statistics and long term growth are no surprise to the Putney estate agent who is acutely aware that the number of people that want to live in Putney
has consistently exceeded the number of properties available for them to buy."
The average price in London during the month of June was £437,608 which is up by 16.4% compared with the same month in 2013. For England and Wales as a whole the average is now £172,011 compared with the peak of £181,466 in November 2007 up by 6.4%.
The most up-to-date figures available show that during April 2014 the number of completed house sales in England & Wales increased by 31 per cent to 66,659 compared with 51,022 in April 2013.
The number of properties sold in England and Wales for over £1 million in April 2014 increased by 39 per cent to 1,028 from 740 in April 2013.
| Putney Property Prices (April - June 2014) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Area | Detached | Sales | Semi-detached | Sales | Terrace | Sales | Flat/ mais |
Sales | Overall Ave | Overall Sales |
| SW15 1 | 2515333 | 3 | 1694333 | 6 | 1378321 | 18 | 634119 | 23 | 1142130 | 50 |
| SW15 2 | 1929500 | 3 | 1175333 | 3 | 1057935 | 9 | 552300 | 90 | 652790 | 105 |
| SW15 3 | 3972000 | 3 | 790990 | 5 | 440000 | 3 | 429855 | 53 | 624582 | 64 |
| SW15 4 | 0 | 0 | 0 | 0 | 383600 | 2 | 346060 | 24 | 348948 | 26 |
| SW15 5 | 3116750 | 5 | 1337500 | 4 | 692268 | 11 | 521790 | 15 | 1039301 | 35 |
| SW15 6 | 2956688 | 8 | 1847500 | 4 | 678286 | 7 | 470205 | 27 | 1054066 | 46 |
| Total | 2931261 | 22 | 1381225 | 22 | 975627 | 50 | 499577 | 232 | 796190 | 326 |
| Last quarter | 90.3% | 214.3% | -4.6% | 29.4% | 23.1% | 6.4% | 16.3% | 10.0% | 37.5% | 15.6% |
| Last year | 18.3% | 340.0% | -3.9% | 100.0% | 24.1% | -3.8% | 27.3% | 46.8% | 37.3% | 44.2% |
| Last three years | 56.7% | 633.3% | 16.2% | 266.7% | 16.5% | 16.3% | 35.1% | 85.6% | 48.4% | 84.2% |
| Last five years | 66.6% | 214.3% | 126.5% | 175.0% | 80.0% | 47.1% | 46.0% | 169.8% | 65.3% | 141.5% |
| Last ten years | 152.0% | 37.5% | 112.2% | 15.8% | 111.4% | -33.3% | 99.2% | -23.4% | 132.3% | -21.1% |
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.
August 15, 2014