Wandsworth House Prices In Q1

Wandsworth has the seventh highest average house price at £855,657 from the 33 London boroughs. This is for the period between January to March 2023 with a total number of 432 sold properties. In the same period in 2022 total number of sold properties was 996 and the average house price £864,039.

As you can see things have changed in (Q1) 23 there are a lot less properties sold compared to (Q1) 22 in fact its a 56% drop whilst the average sold prices have dropped to 0.97%.

Higher borrowing costs and inflation are definitely the drivers behind the slowdown in the housing market in certain parts of London Boroughs more than others. Over the last year, the average sale price of property in Wandsworth rose by £3,700 – putting the area 28th among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the London Boroughs was in Tower Hamlets, where property prices increased on average by 11%, to £510,000. At the other end of the scale, properties in Westminster lost 17.4% of their value, giving an average price of £876,000.

First steps on the property ladder

First-time buyers in Wandsworth spent an average of £542,200 on their property – £2,700 more than a year ago, and £21,900 more than in March 2018.

By comparison, former owner-occupiers paid £742,200 on average in March – 36.9% more than first-time buyers.

Property Types

Owners of terraced houses saw the biggest fall in property prices Wandsworth in March – they dropped 1.6% in price, to £903,267 on average. But over the last year, prices rose by 1.3%.

Among other types of property:

• Detached: down 0.9% monthly; up 1.1% annually; £1,952,422 average
• Semi-detached: down 1% monthly; up 1.3% annually; £1,309,700 average
• Flats: down 1% monthly; up 0.2% annually; £523,234 average

Looking to sell in 2023?

The housing market is more sensitive to pricing than it was this time last year. Market your property sensibly to make sure you get more prospects viewing to generate interest. The spike in viewings is highest when you first put your property on the market. Give us a call if you are thinking of selling now or in the furture in the areas we cover which are: Wandsworth, Putney, Southfields, Earlsfield, Tooting, Balham, Clapham, Nine Elms & Wimbledon.

*figures taken from land registry data.