Wandsworth house prices soar to average of half a million pounds
The average house price in the borough is now nearly half a million pounds.
A home in the borough comes in at an average of £498,236 - an astonishing increase of 17.6 per cent on last year, and 1.2 per cent up from last month.
Figures released by the land Registry show the steep increase in price makes Wandsworth one of the most sought after parts of London, with prices increasing at a faster rate in only two other areas.
According to the figures, the average price of property in the capital is £409,881 in comparison with the average for England and Wales of £168,356.
Tooting has become a magnet for trendy pubs and restaurants such as The Chicken Shop which opened late last year, attracting thousands of young professionals, while Battersea and Balham have become highly sought after locations during the past decade.
With billions being spent on regeneration across the borough, creating luxury penthouses and apartments, expect to see the average prices continue to soar this year.
Figures show Greater London also experienced the strongest monthly growth with an increase of 2.1 per cent.
The number of properties sold in London for over £1 million in November 2013 increased by 48 per cent to 660 from 446 in November 2012.
Peter Rollings, CEO of Marsh & Parsons comments: "The roots of housing market recovery have firmly taken hold in 2014, with steady annual growth and every patch of the country experiencing annual price increases.
"The London market is still surging ahead the rest of the UK, with a 10.9 per cent annual increase in prices in January."
Mr Rollings added the average property prices in the capital are nearly three times the nationwide average, and with the disconnect between supply and demand currently at a four-year high, prices are likely to continue this upwards momentum.
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