Market Review October 2014 - Christies House Price Index - Local property prices have risen 14% this year

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.

Local property prices have risen 14% so far this year. Medium and long term gains are even more exceptional. 

Based on past performance potential buyers will be very encouraged to see that prices have risen by 38% over the previous five years, by the same amount over the previous ten years and by an astonishing 168% over the previous 15 years. What is perhaps even more impressive is that prices are now 14% higher than at the previous peak of the market in early 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 October 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  Sept 2014	Years	Increase
Sep-99	£115,421	£309,524	15	168%
Sep-04	£224,003	£309,524	10	38%
Sep-09	£224,684	£309,524	5	38%

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

Principally Speaking

Nick Churton from our Mayfair Group global network offers some words of advice to those selling property over the coming months.

Standing on principle can be an expensive position to adopt when buying and selling property. In a level or falling market hanging out for a high price because - in one's own view - it is worth it can often backfire, because a property which is too highly priced can look out of step with the rest of the market. Can sellers really know what their properties will fetch? Surely they are worth what others will pay for them.

Property purchase and sale is seldom an end in itself. It usually forms part of a life-changing event such as gaining independence, committing to a partner, starting a family or reaching retirement. These events are bigger than any property in the scheme of things. So standing on principle can sometimes stand in the way of moving on.

We have just had two fairly good years of rising prices. We have got used to this. But all good things come to an end - until the next time.

Despite the lowest interest rates and some of the best mortgage deals in living memory the property market is showing signs of cooling. Some prices set in the spirit of acceptable optimism earlier in the year are beginning to look decidedly over-inflated now. And, as any skilled negotiator will tell you, one should always open realistically.

A general election is on its way, the European economy again looks worrisome and Christmas is round the corner.  If you have any big personal or family events which involve property purchase or sale now is the time to be reasonable about your expectations. Listen to buyers, listen to the market and listen to your experienced estate agent. Listen to your heart - and not your wallet. Wallets make poor property advisors. Good estate agents make better ones.

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

www.christiesworld.com