|W4 Property Back at All-Time Highs?|
Evidence suggests home prices bucking gloomy economic outlook
Despite economic numbers suggesting the UK as a whole remains in recession there has been some evidence from the property market that suggests the local area has shrugged off the uncertain national outlook.
The numbers released so far by the Land Registry for the third quarter of the year indicate that the average sale price of a W4 property was over £675,000. If this is confirmed in numbers for the whole of the quarter due to be released early next month it would represent a record level. Although volumes remain well below historic norms they have picked up significantly from their lowest point and this average is based on over 60 sales.
Higher end properties remain popular which could suggest that much maligned bankers' bonuses are currently driving the market. This may be giving a distorted picture of the market with volumes being concentrated in larger properties.
These surprising numbers get some confirmation from a survey done by the property web site Right Move which looks at asking prices rather than achieved sales prices.
Property asking prices in London have broken through the record high set in November 2007 as the drought of homes for sale around the country continues to distort the market. New research shows that the average asking price in London jumped 6.5% to £461,157 in the four weeks to 10 October, sailing through the high of £412,731 set in November two years ago.
The survey also shows that asking prices in England and Wales are now higher than a year ago, after climbing 2.8% in the past month. However, any optimism about the speed of any housing market recovery is expected to be dampened by today's report from the Financial Services Authority, which will outline plans for reform of the mortgage lending industry.
Martin Ellis, housing economist at the Halifax, said, "The combination of increased demand and a low level of properties available for sale has pushed up house prices in recent months. The marked improvement in affordability due to the reduction in both property prices and interest rates since mid- 2007 has been a key factor in stimulating higher demand."
Prices in London rose by 0.8% during August according to the Land Registry's House Price Index. The average price of a London home is £310,640 and this is down by 6.2% since last year.
The latest reported sales are given in the table below.
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Latest Property Sales in Chiswick
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Source: Land Registry
December 4, 2009