South West London house prices rise more quickly than those in central London


The area has become increasingly popular.


By Aicha Zaa

House prices in South West London have increased at more than double the rate of those in some other areas of the capital, according to new statistics.

It is estimated that property prices across areas such as Croydon, Kingston, Richmond, Lambeth and Merton have risen by 15% in the last seven months, a jump in the market that has shocked those wanting to buy in these areas.  

For the first time, South West London property has out paced property values in the centre of city, and Carlos Garofalo, sales negotiator at Brinkley’s Estate Agents in Wimbeldon, said he has seen a dramatic change.

“I believe it is purely because there is a shortage of houses on the market than there was a few years ago and now there are a lot more people wanting to buy,” he said.

At the moment it’s perfect for estate agents and sellers but definitely not so good for those wanting to buy.”

Local estate agents within the Wimbledon area have seen a dramatic shortage in the number of properties on the market as people are less willing to sell their properties.

Foxtons Estate agents have noticed that there has been an increase in property buyers wanting to buy to let rather than just buy a property.

They also believe that first time buyers are based on confidence and not finance, so the increase shouldn’t affect buyers a great amount.

Rob Hayllar, from Kinleigh Folkard & Hayward Estates, said there has definitely been a jump in price.

I feel it is because the prices in central London are so ridiculously high, people just simply cannot afford to buy there. Wimbledon is a good location for those that want to commute to central London,” he said.

Information released by the head of research at Savills has confirmed that this is markedly higher than the 7.4 per cent climb recorded in north London and the 6.5 per cent climb seen in the east. It is also significantly greater than the 5.6 per cent hike posted for central London.

Photo courtesy of Images Money, with thanks.

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