|Boom Continues In Chiswick Property Market|
Average sale price in area averaged just under £800,000
The summer seems to have been a time of continued boom in the Chiswick property market. Since the end of June the average sale price in the area has averaged just under £800,000.
These numbers include the sale of a property on Barrowgate Road for £3,850,000. This is the most expensive property ever sold in Chiswick outside Chiswick Mall. Even excluding this sale the average is still around three quarters of a million.
24 properties have been sold in Chiswick for over £1,000,000 since the end of June.
The third quarter of 2010 looks likely at this stage to record the highest ever average price for W4.
“I am absolutely delighted that not only have England won 38 golds in Delhi but good old W4 wins the gold medal in house prices for the last quarter," says Oliver Finn's Christian Harper.
"The market has been quite remarkable over the past few months which has yet again left estate agents fighting over very few new instructions leading up to Christmas. We all know must lead to much more ‘I have a disappointed purchaser’ junk mail hitting our doormats. On a more serious note we have definitely noticed a reduced number of enquiries so it appears that minds might have already turned towards half term and maybe the early stages of Christmas planning."
Average prices in London as a whole were up by 0.9% in August according to the Land Registry, which brings them to £345,734. This is the sixth month in a row in which the capital's monthly movement has been greater than zero. Compared to August last year prices are up by 11.4% the strongest annual growth experienced by any region in England and Wales.
The Land Registry's House Price Index for August was up by 0.3% the fifth month in a row in which the movement has been positive. This changes the average property value in England and Wales to £167,423. The annual house price change has now remained positive for ten consecutive months, with a movement of 6.7% in August.
More recent figures from the Halifax House Price Index suggest that home values nationally fell back during September. These numbers are based on offer prices rather than actual achieved sale prices.
Commenting on the Halifax House Price Index, Simon Rubinsohn, Royal Institution of Chartered Surveyors chief economist said, “The latest numbers from Halifax provide further evidence that house prices are easing after the strong gains seen through the latter part of 2009 and the early part of 2010. That said, the 3.6 per cent drop in this index in September undoubtedly highlights the extent of the softer trend in prices. On a month by month basis, house prices are always going to display a degree of volatility and in an environment in which transactions activity is subdued this is going to be even more pronounced."
He added, “RICS expects prices to slip a little further over the coming months, but despite the prospect of public spending cuts we believe the risk of large house price falls remains relatively limited.”
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July/August 2010 Property Sales in Chiswick
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Source: Land Registry
October 15, 2010