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Home , Balham, Clapham Junction, Earlsfield, Putney, Southfields, Wandsworth

Putney, SW15 A local market review snapshot Location House price growth over the last year

Putney is located in the Putney is a picturesque riverside location south-west of . in the borough of Wandsworth. It’s home to boutique shops, restaurants, 13% It is served by good transport bars and is surrounded by vast green links, with the shortest journey spaces; in particular, is to Waterloo being 18 minutes. on its doorstep and is just two miles away. Nearby Putney Village Its popularity as a riverside offers a tranquil location as it is surrounded residential location means it by Putney Heath. Putney is a sought after has above average house prices residential area, popular with young in comparison with London professionals and students. Boasting great transport links, it is easy to get into overall and experienced strong and only 18 miles from house price growth of 13% Heathrow Airport. over the last year.

Hyde Park Westfield Hyde Park Corner South Acton Kensington Palace Shepherd’s Bush

Knightsbridge Victoria Park Gloucester Road Earls Court Sloane Square Hammersmith

Chiswick House and Gardens

Fulham Park

Imperial Wharf Park London Wetland centre Parsons Green Barnes Bridge

Putney Bridge

Hurlingham Junction Park

Wandsworth Town Clapham Putney Park

East Putney University of

Clapham Wandsworth South Putney Heath Common Richmond Park

Wimbledon Common London housing market overview

In the post-recession recovery period London’s housing market has performed strongly, outperforming the wider UK market by a significant margin. Prices across the city are now 43% above their previous peak. Some of the strongest growth occurred in 2014 with annual growth peaking at 21%. Towards the end of the year and moving into 2015 activity has slowed and growth started to cool. However, this is something we anticipated and we welcome an orderly slowdown. Fears of a London house price bubble have subsided and the market is maintaining sustainable and robust growth, with 9% inflation in 2015.

Moreover, activity in the new build market remains extremely strong and demand is high, with 67% of the 51,448 new build homes under construction already sold. This is the highest absorption rate of new build stock in recent years.

The government has recently announced more favourable terms for the Help to Buy scheme in London. To reflect the higher prices, first time buyers in London will have access to a 40% Help to Buy loan (compared Tileman House, Putney SW15 with 20% currently). This loan is interest free for five years and offered on new build London’s new build market properties up to £600,000. This incentive is likely to stimulate the market by 70,000 80% encouraging first time buyers. This increase in demand should have the roll-on effect of further boosting the building market. 70% 60,000

60% 50,000

50%

40,000

40%

30,000

30% Private units under construction 20,000 20%

10,000 10%

0 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 average 2001–2006 Sold Unsold Proportion Sold (RHS) Local demographic and Tenure profile economic trends 100% The population of the London Borough It attracts a young and relatively affluent of Wandsworth currently stands at 322,780, demographic, with a high share of young 20% 90% 26% having increased by 28% from 252,860 singles and students. 30% of the in 2001. It is expected to grow by a further population is aged between 25 and 34; 80% 6% to 342,375 by 2021. this compares with 14% for the UK as a whole. As a result, there is a high demand 70% 22% 32% Despite this marked increase in population for privately rented property; the and the resulting demand for homes in proportion of renters has increased from 60% the area, only 5,114 new homes have 22% in 2001 to 32% now. 50% been built across the borough since 2010. This suggests an undersupply of However, by London standards, rents 40%

housing of nearly 1,500 homes, compared are fairly reasonable despite increasing Proportion of households with target levels. So, as is typical of by 6% over the year, they stand at 30% 52% 46% London, demand for homes hugely £1,834pcm, lower than the £1,889pcm outweighs supply. across Wandsworth and £2,080pcm 20% across London. Putney itself has approximately 60,000 10% residents, which makes up around 20% of Wandsworth’s population. Average rental values in Wandsworth 2001 2011

Wandsworth enjoys high employment Social rented of 78.5% in comparison with the London Private rented average of 72.2%. In addition, earnings £1,8 3 4 pcm Owner occupied in Wandsworth average at £40,820, 26% higher than the London average of £32,297.

Property prices in the areas surrounding Putney Local housing market trends Putney price comparison

Many people who start by renting in Putney Focusing on flats, apartments in Putney £900,000 decide to settle in the area and buy a are achieving average prices of £536,728, home there. As a result, the local market 11% higher than the London average of £800,000 is buoyant, Wandsworth experienced growth £483,840, but nearly 50% lower than in ever of 14% last year and Putney had growth popular . However, given its close £700,000 of 13%. However, this strong growth is a proximity to higher value areas such as £600,000 relatively recent development, with prices Fulham and Barnes, it is only a matter of in Wandsworth prior to 2012 growing time before Putney’s prices rise to be in £500,000 broadly in line with the London average. line with its more affluent neighbours. However, since then, growth has diverged, £400,000 with Wandsworth outperforming the Aesthetically, Putney offers the tranquillity London average; Wandsworth has of riverside living together with beautiful £300,000 Average apartment price Average experienced 43% growth since 2012, green spaces. A view of the countryside, compared with 36% for London. city skyline or river have been shown to £200,000 add substantial value to a property; £100,000 According to Molior, the average new build in fact, our research shows that a riverside property price in Putney is just below location can add around 10% to 20% uplift £1,000 psf. Comparatively, prices in on the price of a property. These visual Fulham currently sit at £1,100psf, making aspects together with its reasonable Putney Barnes Fulham Fulham

Putney a more affordable choice. commuter times into central London Mortlake

and relative affordability, mean that Putney Wandsworth More specifically, the latest data shows offers something strongly sought after units in SW15 (Putney) sold for an average and rarely found in London: lifestyle. of £715,366, broadly the same as the borough average, but 26% higher than the London average of £569,418. However, 5 year Putney remains 24% more affordable than 2015 2016 2017 2018 2019 growth the nearby area of Barnes and is significantly 2015-19 cheaper than Fulham, where properties sell in excess of £1million. UK 5% 3% 3% 4% 5% 22%

London 9% 5% 3% 5% 6% 31%

Average house price index

200

180

160

140

120

100 Average house price index (Base = Dec 2009) Average

80 2009 2010 2011 2012 2013 2014 2015

Wandsworth London Base Contacts Jennet Siebrits Mark Collins Head of Residential Research Chairman of Residential +44 20 7182 2066 +44 20 7182 2264 [email protected] [email protected]

Tom Bryant Jack Hudson Director Residential Development Sales Negotiator Residential Development Sales & Consultancy Sales & Consultancy +44 20 7182 2562 +44 20 7182 2007 [email protected] [email protected]

Sources CBRE, Molior, Rightmove, tfl.gov.uk (7/01/2016)

Disclaimer 2015 CBRE CBRE Limited confirms that information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt their accuracy, we have not verified them and make no guarantee, warranty or representation about them. It is your responsibility to confirm independently their accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE. Images provided are computer generated. © 2015 CBRE Ltd.