House Prices in Wandsworth Q3

The Third Quarter (Q3) for the average house price in London Borough of Wandsworth has come in at £988.272 as indicated by land registry. That's a meteoric rise of 31.47% from (Q2) and an increase of 9.66% in the last 12 months. In terms of sales activity (Q3) had 93 total sales, compared to a whopping 201 in 2021(Q2) and yet the average price is significantly higher in (Q3).

What has happened here and why has the market in Wandsworth borough increased so abruptly from (Q2)?

As you can see from the table below the average sold prices for detached/semi and terraced houses have contributed to this increase. Especially for detached houses where the volume of sales is 3 x greater, and the average price increase is over 118% from (Q2). Similarly, semi-detached houses have increased by an average of 28.46% and for terraced houses the average increase is a modest 20.82%. Demand for houses has always outstripped supply in Wandsworth, but what has accelerated the average increase is the fact that buyers are preferring outside space and bigger internal area to allow for working from home. When we contrast (Q3) figures in 2021 to (Q3) 2020, the average house price increase is not that skewed since it's counterbalanced with price falls for flats/ maisonettes.

Look at the table in (Q3) 2020 for flats/maisonettes the average price was £675,000 now look at the table in (Q3) 2021 the average price is £534,431 that's a decrease of 26%. Still an overall house price increase over the last year ending in (Q3) of 9.66%, but not a particularly good one for those who own flats/maisonettes in the area.

   
What is the reason behind this?

There are three main reasons, firstly the market is cooling down from the stamp duty holiday buying frenzy secondly there are now too many apartments in the area and the supply is outweighing demand which is pushing prices down. And lastly the cladding issues associated with the Grenfell fire has not helped. Leaseholders with cladding issues are pulling their hair out because they cannot sell their flat due to health & safety. Plus the alarming costs to put things right doesn't help when those responsible do not want to foot the bill. Although last week’s budget, hopefully will go some way in addressing their concerns as the government announced a £5bn fund to remove unsafe cladding from the highest risk residential buildings, which include many in the private rented sector.

The Residential Property Developers Tax, designed to fund cladding work, will be on developers with profits over £25m at a rate of four per cent, which should ensure that SME builders and developers are not put at risk. There will still be calls for things to go faster and bigger, but it’s a step in the right direction for those affected.

For an up to date valuation of your property you can contact us to find out more and see how much your property is worth in todays market, click the link and just type your post code and you will automatically recieve an update here's the link: Available Here.

For a more bespoke valuation service call us now on 020 8870 5800 or email: valuations@letsfindahome.co.uk and see how we can help you we will be pleased to provide you our professional opinion.

Please note: figures from the table represent the average house prices in the borough of Wandsworth there are many variations behind average prices and volume of sales within the borough which include some parts of SW4, SW8, SW11, SW12,SW13, SW14, SW15, SW16,SW17,SW18 and SW19. There are also many sectors or parts of these post codes for example SW18 covers five main sectors which include: SW18 1, SW18 2, SW18 3, SW18 4 and SW18 5. For the avoidance of doubt these figures are only indicative of the borough as a whole.

Contains HM Land Registry data © Crown copyright and database right 2021. This data is licensed under the Open Government Licence v3.0.