Wandsworth property prices 'drop 7%'

Wandsworth house prices have dropped by seven per cent this month, making the borough a haven for bargain-seeking buyers and tenants, it has been claimed.

South London news site Your Local Guardian claimed that a seven per cent drop had taken the average price of property in the borough down to £468,072 in December, making it one of the capital's best bargain spots.

With neighbourhoods like Battersea bordering on the Thames and proving desirable to many new buyers and rental property-seekers, the drop in price could bring reluctance to invest in the area, as well as attracting bargain-hunters.

With estate agency website Rightmove finding average house prices in London to have dropped 6.8 per cent over the last month, it is feared that fringe areas in the recent boom like parts of Wandsworth could quickly lose their appeal.

Property experts have claimed that in current conditions, areas like Wandsworth could see demand drop off for 'discretionary' purchases of apartments or second homes, while needs-based family homes would remain a sound investment.

With purchasing prices so volatile in areas like Wandsworth, renting property is considered a safer bet by the many who fear paying over the odds and seeing their investment decline in value in subsequent years.

News posted on 21st December, 2007