Wimbledon Property Market Remains Buoyant Through Lockdown


House on Marryat Road becomes SW19 sixth most expensive


Detached house on Marryat Road sold for £9,250,000

Estate agents in Wimbledon believe that people moving within the area has kept the local property market buoyant even during lockdown.

Although the latest data from the Land Registry shows just 73 properties having been sold year to date, it is understood that the processing of documentation is slow due to Covid and there will be significantly more sales reported for the first three months of the year.

The transactions so far suggest that prices in Wimbledon have remained around record levels and the average rose by 28.2% in the first quarter of 2021 compared with the same period last year although part of that increase is attributable to turnover of houses holding up better than for flats.

A detached house on Marryat Road in Wimbledon Village changed hands for £9,250,000 the sixth highest price ever in the SW19 postcode area. The six bedroom (all en-suite) property managed to get permission for a full size basement and an indoor swimming pool before planning rules were changed.

A local agent said, “It has undoubtedly been a tough year for the industry but, compared to other parts of London, Wimbledon has thrived. A very high proportion of the properties we sell are bought by people who already live in the area. This means that a buyer often has substantial equity in the property they are funding the purchase with. Lenders are falling over themselves to provide keenly priced mortgages to people who are borrowing a lower percentage of the purchase price so the liquidity problems that have held other postcodes back have not been a factor in SW19.

“There are clearly challenges ahead for the property market both locally and nationally but no economist is predicting a credit tightening any time soon. Many potential buyers presumed the catastrophic impact of the coronavirus on the economy would hit house prices and they will be returning to the market this year.”

Wimbledon Property Prices (January - March 2021)
Area Detached Sales Semi-det Sales Terrace Sales Flat/
mais
Sales Overall ave Total sales
SW19 1 0 0 1185000 1 788000 11 498000 4 740312 16
SW19 2 0 0 0 0 515700 5 402521 6 453966 11
SW19 3 1610000 1 1115667 3 955000 2 505000 2 984625 8
SW19 4 3696667 3 0 0 0 0 472767 3 2084717 6
SW19 5 5900000 2 672500 1 816667 3 0 0 2487083 6
SW19 6 0 0 670000 1 1300000 1 518214 7 621944 9
SW19 7 0 0 0 0 1295000 1 444500 2 728000 3
SW19 8 845000 1 1300000 1 970950 10 350000 2 896750 14
Total 3620714 7 1024929 7 845788 33 463536 26 992910 73
Change in Quarter 0.2% -66.7% -26.2% -77.4% -8.9% -75.7% -6.8% -74.0% -3.1% -74.7%
Change in year 30.6% -22.2% -21.0% -75.9% 3.7% -49.2% 3.9% -76.1% 28.2% -65.6%
Change in Three Years 35.9% -58.8% -5.1% -58.8% 2.4% -55.4% 2.4% -76.8% 24.5% -66.8%
Change in Five Years 52.2% -46.2% -26.6% -79.4% 0.2% -73.0% 2.6% -86.4% 33.5% -79.7%
Change in Ten Years 115.2% -41.7% 8.7% -79.4% 58.1% -50.7% 52.8% -78.5% 86.2% -68.8%

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."

WimbledonSW19.com is the only place that you will find detailed analysis of the Wimbledon property market. Register to receive fortnightly updates including regular reports like this one.

Value Reading Articles Like This? Help Us Produce More

This site remains committed to providing local community news and public interest journalism.

Articles such as the one above are integral to what we do. We aim to feature as much as possible on local societies, charities based in the area, fundraising efforts by residents, community-based initiatives and even helping people find missing pets.

We’ve always done that and won’t be changing, in fact we’d like to do more.

However, the readership that these stories generates is often below that needed to cover the cost of producing them. Our financial resources are limited and the local media environment is intensely competitive so there is a constraint on what we can do.

We are therefore asking our readers to consider offering financial support to these efforts. Any money given will help support community and public interest news and the expansion of our coverage in this area.

A suggested monthly payment is £8 but we would be grateful for any amount for instance if you think this site offers the equivalent value of a subscription to a daily printed newspaper you may wish to consider £20 per month. If neither of these amounts is suitable for you then contact info@neighbournet.com and we can set up an alternative. All payments are made through a secure web site.

One-off donations are also appreciated. Choose The Amount You Wish To Contribute.

If you do support us in this way we’d be interested to hear what kind of articles you would like to see more of on the site – send your suggestions to the editor.

For businesses we offer the chance to be a corporate sponsor of community content on the site. For £30 plus VAT per month you will be the designated sponsor of at least one article a month with your logo appearing if supplied. If there is a specific community group or initiative you’d like to support we can make sure your sponsorship is featured on related content for a one off payment of £50 plus VAT. All payments are made through a secure web site.

 

May 10, 2021