Estate Agent Closures Likely As Wandsworth Home Sales Halve

Tough conditions in local property market but demand remains for larger houses

Estate Agent Closures Likely As Wandsworth Home Sales Halve
A house has sold on Wandsworth Common North Side for over £5 million despite the market slowdown Image: Google Streetview

Property sales across Wandsworth have almost halved compared with the same period in 2016. In the first three months of this year the number of transactions was down 49% on 2016 according to the latest Land Registry figures.

Although asking prices remain comparatively similar to last year, the large fall in sales volumes is putting local estate agents under pressure to compete in an increasingly smaller market. There is anecdotal evidence that some local offices go a whole month without selling a single property.

The largest and most expensive houses are still achieving strong prices although the number of sales is minimal. A six bed/4 bath/5 reception detached house on North Side Wandsworth Common sold for £5,225,000 in April, but was only one of two detached houses sold in SW18 in the second quarter of this year.

Similarly a semi-detached 'Toastrack' house on Routh Road sold for £4,280,000 in March, but was among only four semis sold in the second quarter.

The Halifax's housing economist Martin Ellis spoke at the beginning of the summer about the worsening situation In London where residents are "less positive about buying prospects compared to the rest of Britain". He states that consumer confidence is the housing market "is potentially settling into a new lower 'normal'".

With the Halifax ranking Wandsworth in the top ten of the least affordable places to buy in the UK, local agents are dealing with a new scenario of "lower prices and higher stock levels", according to local agents Realm Estates. "This is a hugely competitive market with keenly priced available properties," report Realm. Echoing the opinion of many local agents, Realm are advising vendors that purchasers "are making decisions but price reductions are key... buyers are looking for reasonably priced property and motivated sellers".

property for sale in Wandsworth SW18

Political uncertainty and the aftermath of tax changes are the obstacles hindering the London housing market, according to the latest RICS UK Residential Market Survey. This July, the surveyors’ organisation’s headline price growth indicator in London slipped from a net balance of -45% to -48%, continuing a run of consecutive negative readings since March 2016.

When surveyors were asked about prices at the top end of the market (properties listed at over £1 million) they reported that this sector was seeing the greatest deviation in agreed prices, with 68% of respondents reporting sales prices coming in below the asking price. Whilst the RICS say this is not uncommon in a flatter market, 33% of respondents said the agreed price was up to 5% below the asking price and 26% reported between 5% and 10% under.

Looking ahead, London near term price expectations among surveyors continue to signal a declining trend over the coming three months, the eighth consecutive reported negative reading. Over the next twelve months, respondents in central London are now anticipating a decline in prices.

Alongside this, the capital’s sales activity continues to lack momentum, with the net balance readings for buyer enquiries and agreed sales remaining slightly negative, at -9% and -13%, respectively. Respondents are not anticipating activity in the sales market to gain impetus, with both the three and twelve month expectations series slightly negative.

In the lettings market, London rents are predicted to remain in decline, which has been, a trend present over the last six quarters.

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

If your agent is claiming to be marketing your property effectively and it doesn't appear on 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 (April - June 2017)
Area Detached Sales Semi-det Sales Terraced Sales Flat/
Sales Overall average Total sales
SW18 1 0 0 820000 1 1191429 7 557831 26 695988 34
SW18 2 0 0 5225000 1 995000 6 595283 9 1034534 16
SW18 3 1160000 1 0 0 987916 9 517897 14 720908 24
SW18 4 0 0 0 0 812273 11 486716 29 576244 40
SW18 5 1220000 1 1147500 2 1061521 12 488886 18 759188 33
Total 1190000 2 2085000 4 997211 45 521109 96 718510 147
Change in quarter -7.8% 0.0% 9.3% -50.0% 0.7% -29.7% -5.5% -37.7% -1.4% -35.5%
Change in year -51.9% 0.0% 134.9% 100.0% 1.8% -27.4% -17.5% -43.9% -3.0% -38.0%
Change in three years -30.1% -60.0% 31.4% -50.0% -0.4% -49.4% 1.2% -65.7% 7.8% -61.5%
Change in five years -48.0% -60.0% 104.2% -78.9% 43.3% -53.6% 35.5% -58.6% 35.2% -58.4%
Change in ten years -46.7% -33.3% 124.3% -86.2% 56.6% -68.1% 50.4% -79.5% 61.3% -77.1%


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 Any use of these numbers should jointly attribute the Land Registry and

August 23, 2017