Property heat wave in SW19

Online, March 8, 2010 (Newswire.com) - Property heat wave in SW19
March 8, 2010

Winter's not over yet, neither is the recession. Yet across Wimbledon, house prices are sweltering close to the superheat of 2007.

In a snap survey by leading estate agents Ellisons, property values in the SW19 area have soared. Towards the end of 2008 for example, a 2-bedroom extended property in South Park Road was selling for £500,000. Today the same property is asking £610,000, close to striking range of the all-time market high.

Demand is solid too. In the same survey, Ellisons noted that currently houses are taking just two weeks to sell, a repeat of the 2007 phenomenon.

According to Ellisons' chief Sean Purtill, the cause is Wimbledon's recurring property poser - not enough houses to satisfy demand, a heat wave that will not go away.

"Forget any worry you hear about mortgage lending at a low," he says.

"Right now, houses are so scarce in this area, property owners are sitting on a goldmine."

With sky-high demand from professionals working in the City, Ellisons' lettings offices are feeling the heat too.

"If cash-ready buyers can't find a place to purchase, they'll rent out of sheer necessity," observes Mr Purtill.

"It's Wimbledon's quality of life and easy commute that are so unbeatable," he points out.

"Rents are recovering quickly - right now our one- and two-bedroom properties are on the market for maybe only a week or so longer than they were in 2007 - more proof of values hotting up."

And advice for owners looking to sell?

"Don't put things off waiting for a price-rise," says Mr Purtill. "It's already here."

About Ellisons
With nearly 20 years specialising in the prestigious SW19, SW20 areas of Wimbledon and surrounding SW17 and SM4 areas, Ellisons Estate Agents offers an award-winning residential and commercial property service.

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