Market shakes off Brexit, lockdown and economic problems to register 17.5% rise
A semi-detached house on Trinity Road went for £2,500,000. Picture: Google Streetview
February 17, 2021
Figures recently released for property sales in the Wandsworth area show that prices have weathered a series of unprecedented challenges in 2020 to finish higher.
According to the Land Registry, the average sale price of a home in the SW18 postcode area rose by 17.5% to £852,793 in the final quarter of 2020 compared to the same period in the previous year.
Although volumes are well down on historic levels there were still 123 transactions between October and December.
A local estate agent commented, “People are choosing to focus on the permanent positives for the area such as the improvement in the local housing stock and better public transport links and seeing the negative events of the year as being transient.
“However, it needs to be recognised that a two tier market is developing with larger family houses more popular than ever and seeing continued upward movements in prices, whereas the secondary market for flats is quite moribund with prices stuck in quite a narrow band for the past five years.
“The most recent figures reflect the stamp duty holiday which has revived demand for flats temporarily as most can be transacted with little or nothing to pay to the taxman. This will continue for the next set of figures but, unless Rishi Sunak provides some incentives in the Budget, the market for this type of property might hit an air pocket.”
The uncertain times have not dissuaded buyers from paying multi-million pound prices for houses in Wandsworth with six changing hands for over £2,000,000 in the last three months of 2020. The highest price paid was £2,950,000 for a detached house on West Hill Road followed by £2,500,000 for a semi-detached property on Trinity Road.
|Property Prices in Wandsworth SW18 (October - December 2020)|
|Change in quarter||80.7%||-66.7%||-9.8%||-68.4%||2.0%||-46.2%||-2.4%||-35.6%||-7.3%||-43.3%|
|Change in year||143.3%||-50.0%||29.0%||-62.5%||11.5%||-43.7%||-3.6%||-69.7%||17.5%||-62.3%|
|Change in three years||139.4%||-50.0%||38.2%||-25.0%||13.4%||-29.0%||-11.0%||-57.1%||13.6%||-47.7%|
|Change in five years||9.1%||-83.3%||-14.1%||-33.3%||13.4%||-36.4%||-0.4%||-78.0%||22.0%||-69.0%|
|Change in ten years||90.5%||-66.7%||34.2%||-40.0%||90.0%||-53.8%||62.6%||-64.6%||82.9%||-60.1%|
Source: Land Registry
The Nationwide House Price Index for January showed that the annual rate of increase i slowed to 6.4% from 7.3% in December, while average house prices have fallen by 0.3% month-on-month, from £230,920 in December to £229,748 in January.
Robert Gardner, chief economist at Nationwide, said, “To a large extent, the slowdown probably reflects a tapering of demand ahead of the end of the stamp duty holiday, which prompted many people considering a house move to bring forward their purchase. While the stamp duty holiday is not due to expire until the end of March, activity would be expected to weaken well before that, given that the purchase process typically takes several months (note that our house price index is based on data at the mortgage approval stage).”
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