Wandsworth Property Values Tumble From Peak Levels

Sharp fall in sale prices from heights reached last Summer

Property prices in Wandsworth appear to be in retreat according to the latest official data.

Having reached record levels in the summer of 2014, the most recent sales in the SW18 post code area reported to the Land Registry suggest prices have slipped back.

During the final quarter of 2014 sales prices averaged £632,673 a fall of 18.1% compared with the previous three months. Over the last year prices have still risen but only by a relative modest 1.5%

The highest priced sale during the period was a house in Westover Road which changed hands for £1,825,000. The previous quarter saw seven properties sell for higher prices including the top two most expensive sales ever in the area.

Estate agents have suggested a variety of reasons for the fall including changes to the stamp duty regime and fears of a possible mansion tax discouraging purchases of larger properties. In addition, tighter requirements for mortgages and concerns about the coming General Election have added to uncertainty.

However Allan Fuller of Allan Fuller Estate Agents, says, "Statistics can prove all sorts of conclusions, and a short snapshot of activity can often throw up anomalies. So a change in the price of property transactions in a relatively small area compared to London overall can give a false impression, as is the case here. Generally everything we see from my office and the transactions we have been involved in is prices holding and certainly no sign of dropping.

"Large, and therefore expensive houses, change hands less frequently than lower priced property, and the stamp duty changes have certainly slowed activity at the upper end of the market. More high prices would have changed the average considerably.

"As for general activity the lower stamp duty for cheaper property is a definite encouragement for those that benefit compared to the previous system. However the greater controls on mortgage lending has caused  difficulty for many would be purchasers."

He adds, "The final quarter of any year tends to be a slower period naturally for activity. So far this year we have seen steady demand but at lower levels that the first couple of months of 2014. This is to be expected with an election so close - people will feel wary and hold back. This year the election may look more uncertain. Provided there are no major shifts that could indicate greater changes to affect property I am sure that the reality is that whoever wins life goes on, and there is likely to be a pickup in activity after May 7th.

"Also  by then we will be well in to spring and there could be a considerable pickup in demand. It is usually the busiest time of year  for us - as nature bursts forth with regrowth it is a time for us to be finding a new nest as well! However buyers now just might have less competition and there are great mortgage deals to be had."

Over the longer term price growth in the area remains strong with prices up by 23.0% over the last five years and 80.2% over the last decade.

property for sale in Wandsworth SW18

London continues to be the area of the country seeing the strongest price growth. During December the average price in the capital was £464,936 up another 1.8% compared to the previous month to bring the annual price rise to 16.8%

The December data shows a monthly price increase of 0.6 % bringing the annual price change to 7.0% and the average house price in England and Wales to £177,766.

The number of property transactions has increased over the last year. From July 2013 to October 2013 there was an average of 75,201 sales per month compared to 82,067 for the same period in 2014.

Simon Rubinsohn, RICS Chief Economist, says, "Despite the slowdown, there is optimism that the stamp duty reforms will deliver a 2-5% boost in both sales and prices over the next 12 months, despite members in London expecting sales to decrease by between 5-10% and prices to decrease by 2-5%, with larger properties and/or those in prime areas expected to see the biggest price decreases."

If your agent is claiming to be marketing your property effectively and it doesn't appear on WandsworthSW18.com it may be time to choose a new agent.

The numbers below are subject to revision as is it usual that some properties are added late to the Land Registry's database.


Properties Sold in Wandsworth SW18 - November 2014
Deed date Address Price (£)
28/11/2014 Lower Maisonette, 21 Daphne Street, SW18 2BJ
28/11/2014 Flat 1, 127 East Hill, SW18 2QB
28/11/2014 1, Andrew Reed House, Linstead Way, SW18 5QD
28/11/2014 Flat 70, Ensign House, Juniper Drive, SW18 1TR
28/11/2014 40, Kennet House, 8 Enterprise Way, SW18 1GF
28/11/2014 Flat A, 2 Tonsley Hill, SW18 1BB
28/11/2014 Flat D, Spanish Court, Spanish Road, SW18 2HY
28/11/2014 Flat 39, 17 Hardwicks Way, SW18 4AG
28/11/2014 8 Steerforth Street, SW18 4HH
28/11/2014 551 Garratt Lane, SW18 4SR
28/11/2014 121 Astonville Street, SW18 5AQ
28/11/2014 144a Lavenham Road, SW18 5EP
28/11/2014 73 Smeaton Road, SW18 5JJ
28/11/2014 6a Replingham Road, SW18 5LS
27/11/2014 95 Melody Road, SW18 2QQ
27/11/2014 48 Merton Road, SW18 5SS
26/11/2014 52 Fairfield Drive, SW18 1DN
26/11/2014 Apartment 4, 5 Spanish Road, SW18 2HX
26/11/2014 10 Acris Street, SW18 2QP
26/11/2014 34 Algarve Road, SW18 3EG
26/11/2014 36a Isis Street, SW18 3QN
26/11/2014 31 Kimber Road, SW18 4NR
26/11/2014 72 Penwith Road, SW18 4QD
25/11/2014 Flat 2, 7 Windmill Road, SW18 2EU
24/11/2014 Apartment 804, 3 Eastfields Avenue, SW18 1GN
24/11/2014 17 Amerland Road, SW18 1PX
21/11/2014 The First And Second Floor Flat, 5 Birdhurst Road, SW18 1AR
21/11/2014 Flat C, 128 Earlsfield Road, SW18 3DS
21/11/2014 Flat 9, Fullers House, 24 Armoury Way, SW18 1HZ
21/11/2014 80a East Hill, SW18 2HG
21/11/2014 63 Swaffield Road, SW18 3AE
21/11/2014 Flat 2, Earlsfield House, Swaffield Road, SW18 3AH
21/11/2014 6 Swaby Road, SW18 3RA
21/11/2014 158 Elborough Street, SW18 5DL
21/11/2014 164 Replingham Road, SW18 5LJ
20/11/2014 86b East Hill, SW18 2HG
20/11/2014 Apartment 22, 2 Hardwicks Square, SW18 4HU
20/11/2014 Flat 34, Bembridge House, 1 Iron Mill Road, SW18 2AQ
20/11/2014 209 Magdalen Road, SW18 3PB
19/11/2014 Flat 5, Atherfield Court, Borrodaile Road, SW18 2LA
19/11/2014 83 Tilehurst Road, SW18 3EX
19/11/2014 Flat 28, Morville House, Fitzhugh Grove, SW18 3SD
17/11/2014 32a Isis Street, SW18 3QN
14/11/2014 29b Farlton Road, SW18 3BJ
14/11/2014 Ground Floor And Basement Flat, 339 Garratt Lane, SW18 4DX
14/11/2014 19 Shoreham Close, SW18 1DT
14/11/2014 Flat 4, Dudley Court, 75 Earlsfield Road, SW18 3DA
14/11/2014 Flat 4, 310 Earlsfield Road, SW18 3EH
14/11/2014 16 Dawlish Avenue, SW18 4RW
14/11/2014 1 Merton Road, SW18 5ST
13/11/2014 4 Brocklebank Road, SW18 3AU
07/11/2014 Ground Floor Flat, 390 Merton Road, SW18 5AD
07/11/2014 20, Charterhouse Apartments, 21 Eltringham Street, SW18 1AU
07/11/2014 27, Charterhouse Apartments, 21 Eltringham Street, SW18 1AU
07/11/2014 81, Voltaire Buildings, 330 Garratt Lane, SW18 4FQ
07/11/2014 Flat 434, Anchor House, Smugglers Way, SW18 1EX
07/11/2014 Flat 10, 11 Point Pleasant, SW18 1PT
07/11/2014 20 Inman Road, SW18 3BB
07/11/2014 1 Farlton Road, SW18 3BJ
07/11/2014 95 Penwith Road, SW18 4PY
07/11/2014 78 Penwith Road, SW18 4QD
07/11/2014 92 Lavenham Road, SW18 5HF
07/11/2014 11 Longfield Street, SW18 5RD
06/11/2014 28 Turenne Close, SW18 1JW
06/11/2014 21 Godley Road, SW18 3HB
05/11/2014 Flat 15, Lambeth Court, Frogmore, SW18 1HN
05/11/2014 27 Westover Road, SW18 2RE


Copyright notice: All figures in this article are based on data released by the Land Registry. The numbers are derived from analysis performed by wandsworthsw18.com. Any use of these numbers should jointly attribute the Land Registry and wandsworthsw18.com.

May 19, 2015
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