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Prices take a tumble in latest numbers
The latest figures from the Land Registry are giving some indication that the apparent resilience of the Chiswick property market may be at an end.
The average price of a Chiswick property reported as sold so far in the fourth quarter of 2008 is £505,532 compared to £564,594 in the previous quarter. However with just over 35 properties having changed hands for the period it is hard to conclude that the numbers are truly representative. If the sale of a house for £2,425,000 in Priory Avenue has also distorted the figures. Without this sale the average would be just over £450,000. The extent of the fall seems partly to have been caused by flats comprising a larger proportion of properties sold.
The numbers provide a stark contrast to September which saw an average of £611,249 (revised up from the previously reported number). There were 5 properties changing hands for over £1 million a relatively high figure compared to previous months.
During the third quarter of the year prices rose by 7.9% compared to the previous three months. This put the average price of a Chiswick property for the period at £564,594.
These figures come as no surprise to Oliver Finn’s Christian Harper. “I expected to see a jerk reaction to market commentary. As with share prices when bad news is predicted the stock price falls immediately and then recovers in the following months. I would expect better reported results in future quarters as the market has stabilised to a degree as properties are appearing on the market at realistic prices which can appear too good to miss.”
“I am sure that I appear to be looking for the upside to compensate for such a hard hitting and factual headline but I would urge everyone to look at a more general and bigger picture.”
The table below shows the details of individual property transactions in the Chiswick area most recently reported to the Land Registry.
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Source: Land Registry
March 25, 2009