Property in London as a whole is strong, having increased by eight per cent in September 2022, according to the Halifax House Price Index. If you are looking to sell your property in South West London, call our team today on 020 8767 6181. Or, drop us an email via our Contact Form.
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The lender, which bases its report on the number of mortgages approved over a particular month, recorded a record high last month. It’s clear, however, that the property market is beginning to slow, thanks to the cost of living crisis and an increase in mortgage interest payments as the Bank of England continues to put up its base rate figure. This is now sitting at 2.25 per cent, although it’s expected to increase by another one per cent at the next Monetary Policy Committee meeting this month. On 17th November 2022, (today) the government outlined new changes for England which is published here on gov.uk
Independent Estate Agents SW London
This is balanced against stamp duty cuts, a shortage of property coming on to the market and a positive employment situation – all of which fares well for a strong property market. There is no doubt though that the market is beginning to slow down – but then, it was coming from a very high starting point, having been constant since the end of the first lockdown.
In this post though we are looking at property in SW17 Tooting. Here we get the average price of several property categories from three different price indexes – each of whom calculate using different metrics. There isn’t a great deal of difference between each – certainly in the lower priced properties:
Rightmove average prices
According to property portal Rightmove, whose results are based on asking prices, the average price of a property in SW17 last year was £722,905.
They noted that the majority of properties that changed hands in the area were flats – the average asking price for which was £495,670. Terraced properties were the next most popular property type, selling at an average £893,034. Semi-detached properties were also popular, selling at an average £1,237,194.
These prices were three per cent higher than in 2021 and 10 per cent higher than the previous peak of £655,910, back in 2016.
Property Prices London SW17 with Zoopla in Tooting
According to rival property portal Zoopla, the average property in Tooting sold for slightly more over the past year, at £751,886. This makes sense since the company gets its figures from the sale price for properties on its site. In other words, many properties sold for more than the original asking price.
Zoopla was also able to differentiate between property types. Their figures found that flats sold for an average £490,410, for instance. Terraced properties cost around £929,983, semi-detached houses sold for £1,069,580 on average, and detached houses for £2,009,400.
Home.co.uk shows historic price rises – The sales and lettings database calculates annual average selling prices from local estate agents around the UK. It compares them with historic data. Their current statistics are from 1995 to July this year. A comparison between the first data published and now shows phenomenal growth in house prices – not just in Tooting, of course – but all over the country.
Looking at the individual property types, it shows that the price of flats in Tooting have increased by 722 per cent since 1995. Then a flat would have cost £55,671. Today (November 17th 2022) a flat will set you back £457,638.
Terraced houses were on average around £96,444 in 1995. Today you will pay £849,710. That’s an increase of 781 per cent. A semi-detached house was £225,850 in 1995, today it’s £1,340,007 – a jump of 493 per cent. Finally, a detached house was £84,995 around 22 years ago, now it’s worth an average of £2,650,000 – and, at an increase of 3018 per cent, that’s the biggest jump of the lot.
SW17 London Landlords and Property Owners – Let’s Chat
If you have a property you would like to sell in South West London, Tooting, Mitchum and Sutton then get in touch with our sales team today. Conversely, if you see a property you like on our site and are interested in viewing it then call us to book an appointment.
At Next Step Estates we are an independent sale and letting agency focusing on property in London’s upcoming SW17 area. We have been covering the location for more than 15 years now. As a result, we are familiar with all the area’s property types and the type of prices you can expect to find. To contact us, tel: 020 8767 6181. Alternatively drop us a line via our Contact Form.