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 - December 2014 |
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|---|---|---|
| Deed date | Address | Price (£) |
| 23/12/2014 | Apartment 26, 23 Osiers Road, SW18 1HG | 825,000 |
| 23/12/2014 | Apartment 27, 23 Osiers Road, SW18 1HG | 346,168 |
| 23/12/2014 | Apartment 28, 23 Osiers Road, SW18 1HG | 725,000 |
| 23/12/2014 | Apartment 3, 23 Osiers Road, SW18 1HG | 500,000 |
| 23/12/2014 | Apartment 8, 23 Osiers Road, SW18 1HG | 500,000 |
| 22/12/2014 | Flat 3, 81 Balvernie Grove, SW18 5RR | 355,000 |
| 22/12/2014 | 185 Merton Road, SW18 5EF | 850,000 |
| 22/12/2014 | Apartment 30, 23 Osiers Road, SW18 1HG | 665,000 |
| 22/12/2014 | Flat 36, Fairfield Court, Fairfield Street, SW18 1DZ | 370,000 |
| 22/12/2014 | 1 Daphne Street, SW18 2BJ | 518,000 |
| 22/12/2014 | Flat 14, Clifford Court, Heathfield Road, SW18 3JE | 315,000 |
| 22/12/2014 | 27 Ravensbury Road, SW18 4SA | 467,000 |
| 19/12/2014 | 209c St. Ann's Hill, SW18 2RX | 510,000 |
| 19/12/2014 | Apartment 11, 23 Osiers Road, SW18 1HG | 430,000 |
| 19/12/2014 | Apartment 12, 23 Osiers Road, SW18 1HG | 550,000 |
| 19/12/2014 | Apartment 13, 23 Osiers Road, SW18 1HG | 505,000 |
| 19/12/2014 | Apartment 14, 23 Osiers Road, SW18 1HG | 570,000 |
| 19/12/2014 | Apartment 17, 23 Osiers Road, SW18 1HG | 570,000 |
| 19/12/2014 | Apartment 18, 23 Osiers Road, SW18 1HG | 510,000 |
| 19/12/2014 | Apartment 23, 23 Osiers Road, SW18 1HG | 525,000 |
| 19/12/2014 | Apartment 25, 23 Osiers Road, SW18 1HG | 440,000 |
| 19/12/2014 | Apartment 6, 23 Osiers Road, SW18 1HG | 425,000 |
| 19/12/2014 | Apartment 7, 23 Osiers Road, SW18 1HG | 570,000 |
| 19/12/2014 | 51 Bartholomew Close, SW18 1JG | 308,500 |
| 19/12/2014 | 26 Atheldene Road, SW18 3BW | 455,000 |
| 19/12/2014 | 270 Earlsfield Road, SW18 3DY | 322,500 |
| 19/12/2014 | 7 Isis Street, SW18 3QL | 500,000 |
| 19/12/2014 | 84a Swaby Road, SW18 3QZ | 655,900 |
| 19/12/2014 | 38 Penwith Road, SW18 4QF | 495,000 |
| 19/12/2014 | 145 Brookwood Road, SW18 5BD | 698,296 |
| 19/12/2014 | Flat 6, Artemis Place, 29 Sutherland Grove, SW18 5PT | 390,000 |
| 19/12/2014 | 65 Balvernie Grove, SW18 5RR | 855,000 |
| 18/12/2014 | Apartment 1, 23 Osiers Road, SW18 1HG | 346,940 |
| 18/12/2014 | Apartment 19, 23 Osiers Road, SW18 1HG | 592,500 |
| 18/12/2014 | Apartment 22, 23 Osiers Road, SW18 1HG | 580,000 |
| 18/12/2014 | Flat 377, Anchor House, Smugglers Way, SW18 1EL | 593,000 |
| 18/12/2014 | 82 Aslett Street, SW18 2BQ | 685,000 |
| 18/12/2014 | 154 Brookwood Road, SW18 5DD | 755,000 |
| 18/12/2014 | 145 Trentham Street, SW18 5DH | 966,000 |
| 18/12/2014 | 118 Clonmore Street, SW18 5HB | 968,000 |
| 17/12/2014 | Flat 8, Ketley House, 65 Garratt Lane, SW18 4GR | 213,750 |
| 17/12/2014 | Apartment 4, 23 Osiers Road, SW18 1HG | 540,000 |
| 17/12/2014 | 9 Sudlow Road, SW18 1HP | 773,400 |
| 17/12/2014 | 6 Acris Street, SW18 2QP | 1,250,000 |
| 17/12/2014 | 20 Camborne Road, SW18 4BJ | 500,000 |
| 17/12/2014 | 23 Penwith Road, SW18 4PU | 481,896 |
| 16/12/2014 | Apartment 9, 23 Osiers Road, SW18 1HG | 560,000 |
| 16/12/2014 | 29 Haldon Road, SW18 1QF | 795,000 |
| 16/12/2014 | 14 Vanderbilt Road, SW18 3BQ | 568,789 |
| 16/12/2014 | 48 Tilehurst Road, SW18 3ET | 485,000 |
| 16/12/2014 | 24 Broomhill Road, SW18 4JF | 850,000 |
| 15/12/2014 | 2 Arcadian Place, SW18 5JF | 1,525,000 |
| 12/12/2014 | 14, Voltaire Buildings, 330 Garratt Lane, SW18 4FQ | 490,000 |
| 12/12/2014 | Apartment 2, 23 Osiers Road, SW18 1HG | 560,000 |
| 12/12/2014 | 10 Barchard Street, SW18 1DU | 695,000 |
| 12/12/2014 | Flat 11, Lambeth Court, Frogmore, SW18 1HN | 310,000 |
| 12/12/2014 | 24 Aslett Street, SW18 2BN | 850,000 |
| 12/12/2014 | 28 Fieldview, SW18 3HG | 526,000 |
| 12/12/2014 | 74a Swaby Road, SW18 3QZ | 581,151 |
| 12/12/2014 | 72 Trentham Street, SW18 5AR | 1,185,000 |
| 12/12/2014 | 121 West Hill Road, SW18 5HN | 1,600,000 |
| 11/12/2014 | 6 Tonsley Road, SW18 1BG | 850,000 |
| 11/12/2014 | 103, Milliners House, Eastfields Avenue, SW18 1LP | 900,000 |
| 10/12/2014 | 36 West Hill, SW18 1RY | 1,150,000 |
| 09/12/2014 | 50 Quinton Street, SW18 3QS | 599,950 |
| 09/12/2014 | 18 Elborough Street, SW18 5DW | 1,200,000 |
| 08/12/2014 | Flat 5, De Beauvoir Court, 311 Trinity Road, SW18 3SL | 242,500 |
| 08/12/2014 | Flat 31, Coleman Court, Kimber Road, SW18 4NZ | 240,000 |
| 08/12/2014 | Flat 10, Hereford House, 74 Wimbledon Park Road, SW18 5SH | 387,500 |
| 05/12/2014 | Apartment 25, 1c Osiers Road, SW18 1NL | 195,000 |
| 05/12/2014 | 26 Longstaff Crescent, SW18 4BA | 542,000 |
| 05/12/2014 | 28 Bodmin Street, SW18 4PT | 649,950 |
| 05/12/2014 | 144 Elborough Street, SW18 5DL | 880,000 |
| 05/12/2014 | 57 Longfield Street, SW18 5RD | 855,000 |
| 05/12/2014 | 142 Wimbledon Park Road, SW18 5UG | 1,100,000 |
| 04/12/2014 | 47 Fullerton Road, SW18 1BU | 1,000,000 |
| 04/12/2014 | Flat 48, Dolphin House, Smugglers Way, SW18 1DF | 500,000 |
| 04/12/2014 | Flat 321, Bluewater House, Smugglers Way, SW18 1ED | 909,000 |
| 04/12/2014 | 3 Amerland Road, SW18 1PX | 610,000 |
| 04/12/2014 | 205 Wimbledon Park Road, SW18 5RH | 1,420,000 |
| 04/12/2014 | 16 Wincanton Road, SW18 5TY | 995,000 |
| 03/12/2014 | 456 Garratt Lane, SW18 4HL | 549,950 |
| 03/12/2014 | 5 Bell Drive, SW18 5PZ | 287,000 |
| 02/12/2014 | Flat 2, 80 East Hill, SW18 2HG | 300,000 |
| 02/12/2014 | 74 Summerley Street, SW18 4EX | 359,950 |
| 02/12/2014 | 40 Combemartin Road, SW18 5PR | 1,220,000 |
| 01/12/2014 | 4 Garratt Lane, SW18 4HJ | 395,000 |
| 01/12/2014 | 117 Allfarthing Lane, SW18 2AU | 492,000 |
| 01/12/2014 | 13 Burntwood Close, SW18 3JU | 1,300,000 |
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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