House prices across Sutton increased in the 12 months to December with the exception of detached properties, according to research by Hometrack.
Flats saw the biggest price increase, up to 8.36 per cent, which means the average flat in Sutton will set you back £272,763 compared to £251,720 in 2015.
Terraced properties saw the second biggest price increase at 7.21 per cent, the average terraced property in Sutton will now cost you £404,160 compared to £376,980 in 2015.
While semi-detached properties saw the lowest price increase in the borough at 4.67 per cent, the average semi-detached property in Sutton will cost you £519,029 compared to £495,872 in 2015.
Detached properties saw a price decrease at -0.50 percent, the average detached property in Sutton will now set you back £752,633 compared to £759,415 in 2015.
Jayne McCoy, chairwoman, Sutton housing, economy and business committee
Sutton is rightly recognised as a great place to live. We have high performing schools, lots of green space, and close links to central London. It is likely house prices are only going to increase thanks to our exciting plans for the borough, like The London Cancer Hub.
Whilst house prices in Sutton are some of the most affordable in London they still remain out of the reach of many local young families. Now more than ever we need to provide new, high quality, efficient and affordable homes for local people.
That is why we are building new homes for affordable rent and are consulting with residents on our draft Local Plan which sets a 50 per cent target for new homes built in the borough to be affordable.
Mark Hayward, managing director, National Association of Estate Agents (NAEA)
Although figures from Hometrack show property prices in Sutton are on the rise, it’s vital if you’re planning to sell to get an accurate house price valuation. By using a local reputable NAEA estate agent, you can ensure the right code of conduct is adhered to and you receive the correct information to help sell your house appropriately within the current market conditions.
Rachael Salmon, Leaders
As London house prices continue to increase and are unattainable for most, Sutton is a very popular choice for first-time buyers and buyers looking for their next onward purchase.
With excellent transport links into London, easy access to the M25, excellent schools and open green spaces, it is easy to see why Sutton is such a popular choice, and to see why house prices continue to steadily rise within the borough.
The growth in house prices means some people chose to rent as the upfront cheaper option, keeping demand for rental accommodation high and ensuring investors add to the list of buyers keen to secure property in the area.
Fleur Tickner, MNAEA, Hunters
We have had a very busy start to 2017 with a healthy combination of new properties coming onto the market and a high level of applicants registering.
In particular, we have been very busy at the market entry level with lots of first time buyers out viewing and making offers.
This high level of activity is in part due to the appeal of Carshalton, it still holds on to a village feel and people love that.
The area is served by fantastic schools, transport services, shopping and leisure facilities.
With a decline in investor buyers following changes to taxation, we are now starting to see an increase in first time buyers and strong confidence with sellers deciding to move up the ladder.
The rental market remains strong although available properties are needed to supply the heavy demand.
That said, over the next few months we are expecting prices to remain firm due to the lack of properties for sale and strong demand.
Simon Walsh, Silverman Black
2017 has started strongly in the local property market with demand for property within the London borough of Sutton, especially from buyers currently residing in the Clapham, Balham, Putney and Wimbledon areas, continuing to outstrip supply.
The draw of the excellence of our local schools, an enviably good safety/crime record and great local transport links has made the borough a “destination of choice” for professionals and family buyers alike – and seems to be “overwhelming” many people’s concerns surrounding Brexit.
With the spring market and some good weather hopefully just around the corner, there’s an optimistic atmosphere in the local market currently.
Alex Morris, Your Move
Once again Wallington area proved to be a popular location in 2016 with price increases throughout the year.
Buyers continue to show a real passion for the local schools, which is the number one reason families are moving to Wallington.
Our town boasts good transport links to Central London and airports with a popular local shopping centre with major shopping facilities in Croydon and Sutton.
Since the Christmas break we have already seen a great start in 2017 with many of our sales being agreed ABOVE the asking price.