Sutton house prices rocket by £20,000 in 18 months
02-20-2014
By Mike Pyle, Chief Reporter .
Your Local Guardian: According to the Land Registry, the average price of a house in Sutton is now £266,671.
According to the Land Registry, the average price of a house in Sutton is now £266,671.
The average price of a house in Sutton has shot up by more than £20,000 in under two years.
According to the Land Registry, the average price of a house in Sutton is now £266,671, compared to £246,277 in June 2012.
Estate agents have reported a huge rise in demand for properties in Sutton, down to a number of factors including the borough's schools and transport links, which is fuelling the rocketing prices as part of the London property boom.
The average house price has not quite recovered to its pre-recession high of £270,000 but it is showing no sign of slowing down with estate agents seeing huge levels of interest in their properties.
Dominic Butler, senior branch partner at Cubitt & West in Sutton, has worked at that branch for more than seven years. He said: "This is the busiest I've seen it. There is massive interest in Sutton at the moment.
"At the moment we have 99 properties under offer, last year it was around 35 per month - we've seen a huge uplift.
"The average marketable price - that's the price it comes onto the market at - of houses on our books at the moment is £307,000, this time last year it was £240,000 - that's a 22 per cent increase which is incredible.
"I think there are a few reasons for it - Sutton has some of the best schools in the country, it's got good transport links, it's a competitively priced area particularly compared to central London, the crime rate is low and because it's a bloody nice place to live!"
Lauren Rowland of Cromwells in Wallington added: "It's been crazy, it's definitely got a lot busier.
"We were busy in the summer but then over Christmas, when you expect it to get quieter, it just stayed busy.
. "Everything tends to sell over the asking price at the moment and everything is selling really quickly."
In the depths of the recession prices in Sutton sank to a low of just £218,000 in June 2009 but have risen steadily since.
House prices across London have risen by 21 per cent over the last 12 months with the average being £461,000 according to the London Sales Index.
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