The housing market has been unpredictable lately, so we've taken a look at how prices have differed in Wandsworth.
Increasing Prices
House prices increased by 2.3% in Wandsworth in June, new figures show.
The boost contributes to a longer-term trend, which has seen property prices in the area achieve 7.6% annual growth.
The average Wandsworth house price in June was £637,662, Land Registry figures show – a 2.3% increase on May.
Over the month, the picture was similar to that across London, where prices increased 2.5%, and Wandsworth underperformed compared to the 4.5% rise for the UK as a whole.
Over the last year, the average sale price of property in Wandsworth rose by £45,000 – putting the area 10th among London’s 33 local authorities for annual growth.
The best annual growth in the region was in Harrow, where property prices increased on average by 16.7%, to £522,000. At the other end of the scale, properties in City of London lost 13.2% of their value, giving an average price of £756,000.
Winners and Losers
Owners of terraced houses saw the biggest improvement in property prices in Wandsworth in June – they increased 2.5%, to £895,362 on average. Over the last year, prices rose by 9.8%.
Among other types of property:
Detached: up 0.7% monthly; up 7.8% annually; £1,819,450 average
Semi-detached: up 1.7% monthly; up 8.3% annually; £1,254,730 average
Flats: up 2.3% monthly; up 6.8% annually; £538,103 average
First steps on the property ladder
First-time buyers in Wandsworth spent an average of £554,000 on their property – £37,000 more than a year ago, and £19,000 more than in June 2016.
By comparison, former owner-occupiers paid £743,000 on average in June – 34.2% more than first-time buyers.
How do property prices in Wandsworth compare?
Buyers paid 25% more than the average price in London (£510,000) in June for a property in Wandsworth. Across London, property prices are high compared to those across the UK, where the average cost £266,000.
The most expensive properties in London were in Kensington and Chelsea – £1.2 million on average, and 1.9 times as much as in Wandsworth. Kensington and Chelsea properties cost 3.9 times as much as homes in Barking and Dagenham (£319,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average June sale price of £1.2 million could buy 13 properties in Burnley (average £99,000).
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