Demand for large family homes sustained despite pandemic
Semi-detached house in Patten Road went for over £4million
November 11, 2020
Recently released figures have shown that buyers have not been deterred from spending big sums on residential property in Wandsworth.
Land Registry figures for the third quarter of 2020 for the SW18 postcode area do show a sharp drop in turnover with just over 100 sales being recorded down from well over 300 in the same period last year.
However, demand for larger properties in the area does seem to have been more robust with several multi-million sales having taken place in the three months to the end of September.
This pushed the average price to an all-time high of £993,793 up 37.9% on the same period last year.
There were three sales that took place at over £4,000,000 on Routh Road, Patten Road and Baskerville Road.
The Patten Road property was a semi-detached house which sold for £4,725,000 and included a gym, home cinema and converted basement.
|Property Prices in Wandsworth SW18 (July - September 2020)|
|Change in quarter||-||-||88.9%||300.0%||11.7%||21.6%||1.7%||-15.8%||36.8%||10.3%|
|Change in year||-||-||37.9%||-25.0%||13.2%||-58.7%||2.6%||-80.1%||37.9%||-70.9%|
|Change in three years||-||-||74.2%||-29.4%||11.6%||-47.1%||-7.4%||-75.4%||28.3%||-64.5%|
|Change in five years||-||-||22.7%||-14.3%||12.5%||-63.1%||-3.6%||-84.0%||36.7%||-75.6%|
|Change in ten years||-||-||85.2%||-55.6%||68.2%||-70.0%||55.4%||-76.5%||79.4%||-72.5%|
|Property Prices in Wandsworth SW18 (April - June 2020)|
|Sales||Overall ave||Total sales|
|Change in quarter||-||-||-32.5%||-76.9%||-1.0%||-43.1%||-2.8%||-56.8%||-4.7%||-53.8%|
|Change in year||-||-||-30.6%||-76.9%||1.7%||-44.8%||-10.4%||-68.0%||-3.9%||-62.8%|
|Change in three years||-||-||-33.1%||-57.1%||-5.1%||-41.3%||-11.8%||-63.2%||-6.4%||-57.5%|
|Change in five years||-||-||-22.9%||-62.5%||0.7%||-58.4%||0.4%||-79.6%||9.0%||-74.6%|
|Change in ten years||-||-||44.3%||-75.0%||55.9%||-58.4%||54.0%||-67.4%||53.0%||-65.2%|
A local estate agent said, “People with expanding families have to move regardless of there being a pandemic and, although vendors have had to accept prices which are further below the asking price than they might have liked in some cases, the discounts have not been excessive.
“Supply remains limited with probate and departing Eurobankers providing some and I would expect this to continue with nobody initiating a house move unless they are required to. Turnover is likely to remain thin and might even fall if the government doesn’t extend the stamp duty exemptions.
“Were this to happen I’d expect quite a few branch closures in Wandsworth once the furlough scheme is over.”
Nationally the Nationwide House Price Index showed a year on year increase of 5% to £226,129 up to the end of September. For London the average has risen by 4.4% over the year to £480,857.
Robert Gardner, Nationwide's Chief Economist, said: “Housing market activity has recovered strongly in recent months. Mortgage approvals for house purchase rose from c66,000 in July to almost 85,000 in August - the highest since 2007, well above the monthly average of 66,000 prevailing in 2019.
“The rebound reflects a number of factors. Pent-up demand is coming through, with decisions taken to move before lockdown now progressing. The stamp duty holiday is adding to momentum by bringing purchases forward. Behavioural shifts may also be boosting activity as people reassess their housing needs and preferences as a result of life in lockdown.”