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.
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 |
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|---|---|---|
| Deed date | Address | Price (£) |
| 28/11/2014 | Lower Maisonette, 21 Daphne Street, SW18 2BJ | 515,000 |
| 28/11/2014 | Flat 1, 127 East Hill, SW18 2QB | 550,000 |
| 28/11/2014 | 1, Andrew Reed House, Linstead Way, SW18 5QD | 235,000 |
| 28/11/2014 | Flat 70, Ensign House, Juniper Drive, SW18 1TR | 650,000 |
| 28/11/2014 | 40, Kennet House, 8 Enterprise Way, SW18 1GF | 370,000 |
| 28/11/2014 | Flat A, 2 Tonsley Hill, SW18 1BB | 537,000 |
| 28/11/2014 | Flat D, Spanish Court, Spanish Road, SW18 2HY | 515,000 |
| 28/11/2014 | Flat 39, 17 Hardwicks Way, SW18 4AG | 357,500 |
| 28/11/2014 | 8 Steerforth Street, SW18 4HH | 454,925 |
| 28/11/2014 | 551 Garratt Lane, SW18 4SR | 325,000 |
| 28/11/2014 | 121 Astonville Street, SW18 5AQ | 775,000 |
| 28/11/2014 | 144a Lavenham Road, SW18 5EP | 515,000 |
| 28/11/2014 | 73 Smeaton Road, SW18 5JJ | 540,000 |
| 28/11/2014 | 6a Replingham Road, SW18 5LS | 385,000 |
| 27/11/2014 | 95 Melody Road, SW18 2QQ | 445,000 |
| 27/11/2014 | 48 Merton Road, SW18 5SS | 1,095,000 |
| 26/11/2014 | 52 Fairfield Drive, SW18 1DN | 382,000 |
| 26/11/2014 | Apartment 4, 5 Spanish Road, SW18 2HX | 492,500 |
| 26/11/2014 | 10 Acris Street, SW18 2QP | 1,235,000 |
| 26/11/2014 | 34 Algarve Road, SW18 3EG | 1,065,000 |
| 26/11/2014 | 36a Isis Street, SW18 3QN | 650,000 |
| 26/11/2014 | 31 Kimber Road, SW18 4NR | 470,000 |
| 26/11/2014 | 72 Penwith Road, SW18 4QD | 465,000 |
| 25/11/2014 | Flat 2, 7 Windmill Road, SW18 2EU | 548,626 |
| 24/11/2014 | Apartment 804, 3 Eastfields Avenue, SW18 1GN | 1,393,000 |
| 24/11/2014 | 17 Amerland Road, SW18 1PX | 1,550,000 |
| 21/11/2014 | The First And Second Floor Flat, 5 Birdhurst Road, SW18 1AR | 667,000 |
| 21/11/2014 | Flat C, 128 Earlsfield Road, SW18 3DS | 372,000 |
| 21/11/2014 | Flat 9, Fullers House, 24 Armoury Way, SW18 1HZ | 315,000 |
| 21/11/2014 | 80a East Hill, SW18 2HG | 530,000 |
| 21/11/2014 | 63 Swaffield Road, SW18 3AE | 416,000 |
| 21/11/2014 | Flat 2, Earlsfield House, Swaffield Road, SW18 3AH | 360,500 |
| 21/11/2014 | 6 Swaby Road, SW18 3RA | 635,599 |
| 21/11/2014 | 158 Elborough Street, SW18 5DL | 1,110,000 |
| 21/11/2014 | 164 Replingham Road, SW18 5LJ | 625,000 |
| 20/11/2014 | 86b East Hill, SW18 2HG | 406,000 |
| 20/11/2014 | Apartment 22, 2 Hardwicks Square, SW18 4HU | 425,000 |
| 20/11/2014 | Flat 34, Bembridge House, 1 Iron Mill Road, SW18 2AQ | 352,000 |
| 20/11/2014 | 209 Magdalen Road, SW18 3PB | 996,499 |
| 19/11/2014 | Flat 5, Atherfield Court, Borrodaile Road, SW18 2LA | 295,000 |
| 19/11/2014 | 83 Tilehurst Road, SW18 3EX | 1,200,000 |
| 19/11/2014 | Flat 28, Morville House, Fitzhugh Grove, SW18 3SD | 320,000 |
| 17/11/2014 | 32a Isis Street, SW18 3QN | 645,000 |
| 14/11/2014 | 29b Farlton Road, SW18 3BJ | 487,500 |
| 14/11/2014 | Ground Floor And Basement Flat, 339 Garratt Lane, SW18 4DX | 485,000 |
| 14/11/2014 | 19 Shoreham Close, SW18 1DT | 295,000 |
| 14/11/2014 | Flat 4, Dudley Court, 75 Earlsfield Road, SW18 3DA | 532,500 |
| 14/11/2014 | Flat 4, 310 Earlsfield Road, SW18 3EH | 791,000 |
| 14/11/2014 | 16 Dawlish Avenue, SW18 4RW | 910,000 |
| 14/11/2014 | 1 Merton Road, SW18 5ST | 350,000 |
| 13/11/2014 | 4 Brocklebank Road, SW18 3AU | 1,075,000 |
| 07/11/2014 | Ground Floor Flat, 390 Merton Road, SW18 5AD | 470,000 |
| 07/11/2014 | 20, Charterhouse Apartments, 21 Eltringham Street, SW18 1AU | 447,500 |
| 07/11/2014 | 27, Charterhouse Apartments, 21 Eltringham Street, SW18 1AU | 435,000 |
| 07/11/2014 | 81, Voltaire Buildings, 330 Garratt Lane, SW18 4FQ | 490,000 |
| 07/11/2014 | Flat 434, Anchor House, Smugglers Way, SW18 1EX | 650,000 |
| 07/11/2014 | Flat 10, 11 Point Pleasant, SW18 1PT | 118,750 |
| 07/11/2014 | 20 Inman Road, SW18 3BB | 940,000 |
| 07/11/2014 | 1 Farlton Road, SW18 3BJ | 500,000 |
| 07/11/2014 | 95 Penwith Road, SW18 4PY | 446,500 |
| 07/11/2014 | 78 Penwith Road, SW18 4QD | 499,950 |
| 07/11/2014 | 92 Lavenham Road, SW18 5HF | 1,126,000 |
| 07/11/2014 | 11 Longfield Street, SW18 5RD | 905,000 |
| 06/11/2014 | 28 Turenne Close, SW18 1JW | 430,000 |
| 06/11/2014 | 21 Godley Road, SW18 3HB | 455,000 |
| 05/11/2014 | Flat 15, Lambeth Court, Frogmore, SW18 1HN | 330,000 |
| 05/11/2014 | 27 Westover Road, SW18 2RE | 1,825,000 |
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.
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