Larger houses still in demand, but flat prices and volumes down
Property prices across Wandsworth appear to have hit a new all-time high in the last quarter of 2016, with an increase of 16.3% compared with the same period in 2015. The average price in the SW18 postcode area was £813,375.
However, the latest rise is largely technical - a function of a larger proportion of houses than flats selling. Year-on-year apartment prices are down by 5.3% and volumes have collapsed with only 81 units being reported as sold so far in the last quarter. A decade ago over 400 flats were sold in the same three months.
The average price in the third quarter of 2016 was previous at a record level but late reported sales resulted in it being revised down to £800,636. Neverthless the price of the average terraced house and apartment fell in the last three months of the year.
Demand for larger family homes is still strong, with over £4,000,000 being paid for two houses during the period. Top-priced was a modern semi-detached property on Spencer Park which sold for £4,350,000. A terraced house on Baskerville Road changed hands for £4,050,000.
Local agents are reporting a price-sensitive market where buyers are available for well-priced houses in particular, but the days of selling a property after one open morning or back-to-back viewings are now over.
The regeneration of Nine Elms and one of the lowest council tax rates in the country means Wandsworth still pulls in a range of buyers looking for an inner London home, according to David Law of Foxtons in Battersea. He says, "The area appeals to a diverse demographic of buyers from families enjoying the friendly atmosphere to first time buyers keen to stay close to the buzz and transport links of Clapham Junction."
The Office of National Statistic's House Price Index is showing that the average price of a home sold in England and Wales was £219,544 in December 2016, up by 7.2%. Having been consistently above the levels seen in the rest of the country, prices in London are now rising less quickly than the overall average and now stand at £484,000. This is the first time home values in the capital have underperformed against the rest of the country since the financial crisis of 2008.
Country-wide the volume of house sales has decreased significantly. According to the latest figures the number of property sales in England in October 2016 was down 34.5% year on year.
Wandsworth still ranks in the top five of London's most expensive borough's according to the global property news service, Property Wire. They quote that an annual price rise of 3.3% in 2016 was largely due to an "exceptionally strong December".
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.
Property Prices in Wandsworth SW18 (October - December 2016)
|Sales||Overall average||Total sales|
|Change in quarter||-27.5%||-60.0%||9.1%||50.0%||-6.4%||-50.0%||-9.0%||-55.7%||1.6%||-51.1%|
|Change in year||-39.0%||-66.7%||-11.2%||33.3%||6.7%||-44.2%||-5.3%||-73.4%||16.3%||-65.2%|
|Change in three years||53.1%||0.0%||12.6%||-33.3%||29.9%||-62.6%||12.4%||-82.5%||43.9%||-76.9%|
|Change in five years||53.8%||-50.0%||85.8%||-55.6%||58.1%||-56.1%||47.9%||-60.1%||61.7%||-58.4%|
|Change in ten years||21.6%||-71.4%||113.8%||-62.5%||101.8%||-70.3%||52.4%||-80.4%||92.1%||-76.9%|
Copyright notice: All figures in this article are based on data released by the Land Registry(© Crown copyright 2017). The numbers are derived from analysis performed by wandsworthsw18.com. Any use of these numbers should jointly attribute the Land Registry and wandsworthsw18.com.February 21, 2017