Good news for Putney home owners is that house prices have risen significantly in the area recently. A report released jointly by the Land Registry and PutneySW15.com shows a 12.2% improvement in Putney house prices in the last quarter. However, at the same time, flat prices have fallen by a surprising 8.8%.
James French of Douglas and Gordon, London, attributes the rallying Putney house prices to improved buyer confidence and the supply of houses falling below the rekindled demand. The estate agent, Putney, also said that business has been good from a house sales point of view.
“Despite all the doom and gloom predictions that the property market was going slowly in 2009 and that significant price drops would be affected, we at Douglas and Gordon in Putney are finding quite the opposite in the summer market. We have experienced a busy market this year with plenty of new buyers registering and number of sellers decreasing steadily. In April 2008, the number of registered buyers was 680 over the 16 offices in London – this April, the number was 1000,” French said.
Detached houses have been the best price performers in Putney in the last year, according to home.co.uk. House prices started climbing in Putney at the beginning of the year and increased steadily. Prices for semi-detached and terrace houses have also rallied, although PutneySW15.com is quick to point out that only 15 terraced houses changed hands for the duration of the Putney house price review by the Land Registry. Flat sales, which saw an 18.8% price increase in London in 2008, have taken the major slack in Putney in 2009, falling by almost 28% in three years.
House prices in Putney, one of west London’s most sough-after residential areas, recover to near their former glory despite the recent crash
The rally in Putney house prices may concern first time buyers but there is a silver lining for everyone in the London property market this year: “Responsible lending has (quite rightly) returned to the mortgage market,” James French revealed. “So, it is important that buyers speak to a broker before embarking on looking at properties.”