Agents believe prices in area will be supported by positive change
A semi-detached house on Rosehill Road went for £3,700,000. Picture: Rightmove
May 12, 2021
Despite an apparently slow start to the year according to the official figures, local estate agents seem universally positive about the state of the property market in the SW18 postcode area.
According to the Land Registry there have been 80 sales so far this year at an average price of £748,007 a 2.1% fall on the same period last year.
It is understood that the low turnover in the first quarter of the year is partly down to delays caused by the second wave of the virus which took hold last December and working restrictions at the Land Registry which has meant documentation is being processed more slowly than usual.
Market practitioners seem to concur that activity has picked up strongly during the spring and they are expecting a bumper second quarter as sales are rushed through to qualify for the Stamp Duty exemption which now expires in June.
One local agent said, “The property market is quite an organic thing and it is difficult to predict how it will react to change. In Wandsworth the picture is becoming clearer as the distortion of the pandemic begins to pass. There is a growing symbiosis between the area’s traditional Victorian/Edwardian housing stock and the shining new towers shooting up. Rather than overshadowing existing buildings the tall buildings are providing a nicely contrasting modernity. People see derelict sites disappearing and new buildings with shops, cafes and restaurants and the place has a growing sense of well-being.
“Talking to my colleagues in the firm’s other offices they tell of a market in their area which is practically moribund but, apart from a hiatus caused by the second wave of the virus in December, we’ve been seeing levels of turnover which even the old hands agree are as high as they have ever been in SW18.
“I think there is more to come because the improvements both in terms of the built environment and public transport are yet to be fully realised. There are bumps in the road to come in terms of the national picture but locally prices will be supported by strong underlying demand.”
Buyers continued to be willing to pay multimillion pound prices for homes in the area with the top price so far this year being £3,700,000 for a semi-detached house on Rosehill Road near Wandsworth Common.
|Property Prices in Wandsworth SW18 (January - March 2021)|
|Change in quarter||-36.9%||-75.0%||-49.4%||-81.3%||17.9%||-83.1%||-7.2%||-71.6%||-10.7%||-76.8%|
|Change in year||-||-||-40.6%||-76.9%||23.0%||-64.2%||-12.7%||-64.6%||-2.1%||-64.8%|
|Change in three years||-11.1%||0.0%||-33.2%||-80.0%||34.4%||-63.1%||-16.1%||-66.5%||0.4%||-66.1%|
|Change in five years||-70.2%||-50.0%||-47.2%||-75.0%||18.1%||-77.6%||-23.5%||-84.1%||-5.4%||-82.2%|
|Change in ten years||-17.2%||-85.7%||4.0%||-89.7%||90.7%||-75.0%||36.2%||-61.2%||30.5%||-69.9%|
Source: Land Registry
Nationally the property market seems to have experienced a bounce in April after the announcement of the stamp duty holiday extension reaching a new record high average price of £238,831.
Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said, “Annual house price growth accelerated to 7.1% in April, only slightly below the peak of 7.3% recorded in December and up from 5.7% in March. In month-on-month terms, house prices rose by 2.1% in April, after taking account of seasonal effects, the biggest month rise since February 2004.
“Just as expectations of the end of the stamp duty holiday led to a slowdown in house price growth in March, so the extension of the stamp duty holiday in the Budget prompted
a reacceleration in April.
“However, our research suggests that while the stamp duty holiday is impacting the timing of housing transactions, for most people it is not the key motivating factor prompting them to move in the first place. For example, amongst homeowners surveyed at the end of April
that were either moving home or considering a move, three quarters said this would have been the case even if the stamp duty holiday had not been extended."
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