|Chiswick Property Prices Bouncing Back?|
Latest figures could suggest falls have not been sustained
In defiance of expectations the latest official numbers seem to suggest that buyers remain keen to get their hands on Chiswick property particularly at the top end of the market.
Since the beginning of December, three properties have been sold for over £2 million in the area including a house in Rupert Road that sold for £2.5 million and 8 have gone for over £1 million.
However, volumes remain painfully thin and, although the average price of property has risen to £659,949, this may have more to do with the mix of properties being sold than an underlying recovery in the market. There were more properties sold for over £1,000,000 than for under £300,000.
Berkeley Consultants' Stephen Rodgers told ChiswickW4.com, "These statistics are indeed encouraging but let's not get too carried away. The simple fact is that lenders ability and appetite to lend does not exist now in the way that it had done in the past. The big ticket, high loan to value mortgages that were in great demand in W4 and to certain extent drove the market, are now largely gone.
"Granted there has been a growth in lending over the last three months, but that is only for smaller mortgages with larger deposits. It is ludicrous to think that we have seen the bottom of the market that has been suggested by a local agent recently."
Prices on average were down by 16.5% to £530,009 in the fourth quarter compared with the same period last year in line with the average decline for London. This still leaves them about a third higher than they were three years ago.
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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Property Sales in Chiswick
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Source: Land Registry
April 18, 2009