Latest sales figures show average SW19 property prices pass £900,000
This house in Parkside, Wimbledon, sold for £8.25 million
Property prices in Wimbledon have reached a record high as the average price of an SW19 home sold so far this year reached more than £900,000.
The latest Land Registry figures show the average price for properties sold in Wimbledon in the first three months of 2018 was £907,860 - a 6.7% rise in a year.
Overall prices in SW19 actually rose by 13.4% in just a single quarter, although - in a market of fewer homes sold - this could be caused by the £8.25 million sale of the house in Parkside pictured above. There has also been a much more rapid decline in the turnover of flats compared to houses which has contributed to the rise in the average.
Across the year, the 6.7% rise in SW19 sale prices actually represents a slight fall from the 7% average annual increase reported in the last three months of 2017. The average property price in the previous quarter was £848,810.
The demand at the top end of the SW19 market remains buoyant, with 12 sales worth more than £2 million in January-March 2018.
However, the number of flat sales has fallen sharply - by 55.7% in just three months. The average price of the 58 flats sold during the quarter did increase from the previous three months, but only by 1.7%. An average SW19 flat now costs £461,991.
There were also only 56 terraced homes sold in SW19 in the first quarter of 2018, with their average sale price falling year-on-year by -2.2% to an average £829,946.
But Wimbledon has again bucked the trend seen across London, with property values in the capital as a whole falling for the first time in eight years during 2017 - down by half a percent. This made it the weakest performing region of the country for the first time since 2004.
According to the Nationwide House Price Index, property values in London as a whole fell by 1% in March compared with the same month last year. For the UK overall prices are up by 2.1% and the gap between the capital and the rest of the country has been slowly reduced over the last few months.
Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said: “Looking ahead, much will depend on how broader economic conditions evolve, especially in the labour market,
but also with respect to interest rates. Subdued economic activity and the ongoing squeeze on household budgets is likely to continue to exert a modest drag on housing market activity and house price growth this year."
Home ownership rates have declined across all English regions over the past decade. While the decline has been fairly uniform across regions, the biggest reduction has been in London, where the home ownership rate has fallen from 57% to 47%. The counterpart to this has been robust growth in the private rental sector; for example, 30% of households in London now rent.
The RICs say that their surveyor members report on balance an expectation of no price rises over the next 12 months representing the joint lowest reading since February 2013. Regionally, there continues to be significant variation in the house price indicator. London, exhibits the weakest feedback, with a net balance of -47% of respondents citing further price declines.
The numbers below are subject to revision as is it usual that some properties are added late to the Land Registry's database.
WimbledonSW19.com is the only place that you will find detailed analysis of the Wimbledon property market.
Wimbledon Property Prices (January - March 2018)
|Sales||Overall ave||Total sales|
Change in Quarter
Change in year
Change in Three Years
|Change in Five Years||2.8%||-11.1%||3.8%||-56.7%||38.0%||-45.1%||50.7%||-62.1%||47.5%||-52.8%|
|Change in Ten Years||55.3%||-5.9%||24.7%||-62.9%||47.1%||-30.9%||54.7%||-68.6%||79.4%||-55.0%|
Source: Land Registry
May 22, 2018