Wimbledon Property Market Remains Buoyant Through Lockdown
House on Marryat Road becomes SW19 sixth most expensive
Detached house on Marryat Road sold for £9,250,000
Estate agents in Wimbledon believe that people moving within the area has kept the local property market buoyant even during lockdown.
Although the latest data from the Land Registry shows just 73 properties having been sold year to date, it is understood that the processing of documentation is slow due to Covid and there will be significantly more sales reported for the first three months of the year.
The transactions so far suggest that prices in Wimbledon have remained around record levels and the average rose by 28.2% in the first quarter of 2021 compared with the same period last year although part of that increase is attributable to turnover of houses holding up better than for flats.
A detached house on Marryat Road in Wimbledon Village changed hands for £9,250,000 the sixth highest price ever in the SW19 postcode area. The six bedroom (all en-suite) property managed to get permission for a full size basement and an indoor swimming pool before planning rules were changed.
A local agent said, “It has undoubtedly been a tough year for the industry but, compared to other parts of London, Wimbledon has thrived. A very high proportion of the properties we sell are bought by people who already live in the area. This means that a buyer often has substantial equity in the property they are funding the purchase with. Lenders are falling over themselves to provide keenly priced mortgages to people who are borrowing a lower percentage of the purchase price so the liquidity problems that have held other postcodes back have not been a factor in SW19.
“There are clearly challenges ahead for the property market both locally and nationally but no economist is predicting a credit tightening any time soon. Many potential buyers presumed the catastrophic impact of the coronavirus on the economy would hit house prices and they will be returning to the market this year.”
Wimbledon Property Prices (January - March 2021) |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Area | Detached | Sales | Semi-det | Sales | Terrace | Sales | Flat/ mais |
Sales | Overall ave | Total sales |
| SW19 1 | 0 | 0 | 1185000 | 1 | 788000 | 11 | 498000 | 4 | 740312 | 16 |
| SW19 2 | 0 | 0 | 0 | 0 | 515700 | 5 | 402521 | 6 | 453966 | 11 |
| SW19 3 | 1610000 | 1 | 1115667 | 3 | 955000 | 2 | 505000 | 2 | 984625 | 8 |
| SW19 4 | 3696667 | 3 | 0 | 0 | 0 | 0 | 472767 | 3 | 2084717 | 6 |
| SW19 5 | 5900000 | 2 | 672500 | 1 | 816667 | 3 | 0 | 0 | 2487083 | 6 |
| SW19 6 | 0 | 0 | 670000 | 1 | 1300000 | 1 | 518214 | 7 | 621944 | 9 |
| SW19 7 | 0 | 0 | 0 | 0 | 1295000 | 1 | 444500 | 2 | 728000 | 3 |
| SW19 8 | 845000 | 1 | 1300000 | 1 | 970950 | 10 | 350000 | 2 | 896750 | 14 |
| Total | 3620714 | 7 | 1024929 | 7 | 845788 | 33 | 463536 | 26 | 992910 | 73 |
| Change in Quarter | 0.2% | -66.7% | -26.2% | -77.4% | -8.9% | -75.7% | -6.8% | -74.0% | -3.1% | -74.7% |
| Change in year | 30.6% | -22.2% | -21.0% | -75.9% | 3.7% | -49.2% | 3.9% | -76.1% | 28.2% | -65.6% |
| Change in Three Years | 35.9% | -58.8% | -5.1% | -58.8% | 2.4% | -55.4% | 2.4% | -76.8% | 24.5% | -66.8% |
| Change in Five Years | 52.2% | -46.2% | -26.6% | -79.4% | 0.2% | -73.0% | 2.6% | -86.4% | 33.5% | -79.7% |
| Change in Ten Years | 115.2% | -41.7% | 8.7% | -79.4% | 58.1% | -50.7% | 52.8% | -78.5% | 86.2% | -68.8% |
Source: Land Registry
Nationally the property market seems to have experienced a bounce in April after the announcement of the stamp duty holiday extension reaching a new record high average price of £238,831.
Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said, “Annual house price growth accelerated to 7.1% in April, only slightly below the peak of 7.3% recorded in December and up from 5.7% in March. In month-on-month terms, house prices rose by 2.1% in April, after taking account of seasonal effects, the biggest month rise since February 2004.
“Just as expectations of the end of the stamp duty holiday led to a slowdown in house price growth in March, so the extension of the stamp duty holiday in the Budget prompted
a reacceleration in April.
“However, our research suggests that while the stamp duty holiday is impacting the timing of housing transactions, for most people it is not the key motivating factor prompting them to move in the first place. For example, amongst homeowners surveyed at the end of April
that were either moving home or considering a move, three quarters said this would have been the case even if the stamp duty holiday had not been extended."
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May 10, 2021