Without a shadow of a doubt the property market in 2017 has been continuously affected by the wider economic and political climate. This has resulted in a sustained period of subdued price increases (when compared to the proceeding five years).
Using data from our fantastic partner, Zoopla, we have collated information in all of the postcodes in South West London where we have a strong presence and this has painted a picture of an average property price increase of +3.16%
This statistic falls in line with the deluge of anecdotal evidence gathered that we have throughout 2017. Below you will see a breakdown of the price increases/decreases in each postcode.
Top Three Postcodes
- KT1 (North Kingston, Hampton Wick, Norbiton) +6.98%
- KT3 (New Malden) +6.10%
- KT9 (Chessington, Malden Rushett) +5.92
The Laurels Opinion
After an average increase of 37% over the past five years we firmly believe that a tempered year of price increases is a good thing for everyone! What is also apparent is the ‘SW’ postcodes have had the toughest time of it! However when evaluating the longer term date it is not surprising because they have had above average price increases in the years leading up-to 2017.
What the above data does show us is that despite the continued negative media coverage of the property market property in London, prices in South West London are continuing to hold steady and we firmly expect a similar picture in 2018. Although it would be remiss of us if we did not mention the fact that the removal of stamp duty for First Time Buyers will help the market across the board and likely result in a higher average price increase than 2017!
Overall we are very positive about the year to come.