Christies House Price Index - prices now 5% above previous 2008 peak

The latest Christies House Price Index, uses the most up to date reliable data from the Land Registry, and also confirms that property in the local area continues to represent an outstanding investment.

Medium and long term gains are still exceptional. Based on past performance potential buyers will be very encouraged to see that prices have risen by 31% over the previous ten years and by an astonishing 161% over the previous 15 years.

What is perhaps even more impressive is that prices are now 30% higher than they were five years ago and are now more than 5% higher than at the previous peak of the market in March 2008.

The comparison is based on the average price of all local properties sold including flats, maisonettes, all types of houses and bungalows. Figures for June onwards are not yet available - the Index will be revised as soon as the data is released so please check this page regularly for any updates.

Date..............Average Price.........Average Price May 2014.......YEARS............INCREASE

May-99............£108,826..........................£283,984..............................15.......................161%

May-04............£215,973..........................£283,984..............................10........................31%

May-09............£218,920..........................£283,984...............................5.........................30%

Over the years, and particularly in recent times, demand for properties in Cheam, Sutton, Carshalton, Worcester Park, Ewell, Epsom, Banstead, Chipstead, Kingswood, Tadworth and surrounding towns and villages has increased dramatically. Much of this demand is due to the location of the properties we sell, which are ideally situated on the fringes of London, bordering rural Surrey greenbelt countryside with picture postcard villages and market towns full of rich heritage and character.

Buyers flood into the area to take advantage of a wide range of leisure and shopping amenities. The local schools are nationally renowned and attract large numbers of enquiries, ensuring that property sale levels and prices have remained well above quoted national averages.

Cheam, Sutton, Carshalton, Worcester Park, Ewell, Epsom, Banstead, Chipstead, Kingswood and Tadworth all enjoy flourishing local communities with many popular cafés, restaurants and varied independent shops and businesses; this, coupled with many high street names, creates an enviable mix of retail and food outlets. Combined with excellent road and rail links, demand for property remains constant and represents an exceptional investment.

Christies have an unparalleled understanding of the area and are dedicated to ensuring customers are always informed – not just on the property market and prices, but also the area and amenities. When looking at buying a new home, we believe it is imperative that our purchasers are fully informed about all aspects of the potential move.

Your estate agent should be able to answer any of your questions regarding this. We are proud to represent this area and convey that passion to anyone looking to move here.

Please contact us on 020 8643 7777 or email at sales@christiesworld.com

www.christiesworld.com

Mid-Term Report

As we enter the second half of 2014 Nick Churton of our Mayfair Group global network takes stock of the property market. 

We are midway through the property year and while the market seems to have steadied, once again property is clearly big news. The headlines in our press and often the lead items on television and radio news are the housing market and what it's doing or going to do. 

It is frustrating that so often journalists' comments refer to a market which does not really exist at all but rather is a homogenous mix of markets in the north, the south, the east and west - and that other country which is central London. In fact the property market is really made up of thousands of micro-markets. 

Also alarming statements about housing bubbles do not help much. Now the Chancellor, George Osborne, and Governor of the Bank of England, Mark Carney, have prepared measures designed to halt a headlong dive into another housing crisis. 

But the increasing feeling of those who handle the property market every day for a living – estate agents - is that things might have already steadied themselves. Harsher mortgage lending criteria - that have already slowed the numbers of loans; prices - for many - reaching the top of their affordability range, and the sated pool of pent-up first and second time buyer demand all add to a dampening effect.

Further up the market activity in higher price ranges can reflect uncertainty about future government taxation policies. This may grow as we approach the next general election. So these new Bank of England measures can be seen as a sensible precaution against future excesses rather than shutting the stable door after the horse has bolted. 

Yes, we need more housing with the release of more Brownfield sites. We need to relax some planning bureaucracy and foster responsible lending – and borrowing. A more enlightened approach to bringing life to our high streets through a greater residential element may help also. All this will assist us in steering away from more boom and bust. 

There will be new challenges such as interest rates gradually increasing in a sensitively controlled way. But there is no reason why a small mortgage rate increase will harm the market in the short or medium term. In general - and taking central London out of the equation - we believe that the second part of the year will be much the same as the first - a balanced market with some really great opportunities for both buyers and sellers.
Please contact us on 020 8643 7777 or email at sales@christiesworld.com

www.christiesworld.com