It has been over six months since we updated local property prices so time for an update.
Based on Land Registry data* the average sale price of a property in Tattenham & Preston based on their latest statistics was £544,173 with a range from £939,239 for detached houses to £318,256 for flats and maisonettes.
Prices in our area are now approximately 80% above the average figures for property sales across England.
Looking at local changes over the last year prices are up just over 11% with a slightly lower increase for flats and maisonettes and slightly higher for semi-detached properties.
*These statistics are based on Land Registry data which is calculated when a property is registered after the sale is complete. As the sales process can take up to three months from when the sale had been agreed and the property could have been on the market for up to three months before the sale had been finalised, these figures generally lag behind the market. But we believe them to more accurate than building society data based on mortgages completed.
Data is provided by local authority boundaries. As the Borough of Reigate & Banstead covers an area from the Sussex border in the South to Tattenham & Preston in the North there is a significant variance in property prices across the Borough. We therefore use data for the Epsom & Ewell local authority area as being a more accurate comparison of prices in Tattenham & Preston.
It should also be acknowledged that these are only average prices, and the actual cost of a property may vary significantly depending on size, condition, number of bedrooms and availability of amenities.
Talking to local estate agent Jon Wilkins, he says that the market is still firm but more stable than in 2021. He told us, “The local property market remains strong with demand outweighing supply still and plenty of London buyers moving this way. However after a crazy 18 months or so things have started to stabilize a little”.
“Sellers are still getting good prices locally and there is still a huge demand in the area, however buyers are not having to fight each other to secure a viewing slot let alone make a bid, over asking price!”
But he is also concerned that the market is likely to change. “Your statistics are based on Land Registry data and therefore reflect sales that may have originally come on the market maybe six months ago. In the past months we have experienced more inflation than seen for years. This is going to result in increased mortgage rates as well as less disposable income. Whilst property prices may not reduce there is likely to less activity in the coming months.”
Jon is owner of The Local Agent estate agency and lives in Tattenham & Preston.
