Agents advise caution on price as market hovers below record levels

Local estate agents are advising would be property sellers to think carefully about their asking price despite new figures which show that average prices in Chiswick remain close to record levels.

There have been 78 sales reported to the Land Registry for Chiswick since the end of May at an average of £672,138. This is a similar level to the first quarter of this year which had the highest average on record. Prices are up by about 5% from the same time last year at a time when values across the rest of the country are generally falling.

There were 16 properties sold in W4 for over £1 million during the period. See table below for details of latest sales in the area.

OliverFinn's Christian Harper, said that their own records show that 417 properties were placed on the market in W4 during the first quarter of this year. Judging by the subsequent Land Registry sale figures he thinks that only 1 in 5 of these properties have been sold.

He concluded, " I believe this poor conversation to be a mix of poor pricing advice by estate agents combined with a lack of adaptation by clients. As Chiswick offers so many estate agents who essentially all offer similar services I ask; Are agents giving pricing advice to gain instructions or are they advising on true market conditions?"

Andrew Dunford of Winkworth of Chiswick , offered an up-to-date perspective saying the September is traditionally the busiest time of the year and they are getting some good instructions already this month. He said, “Most agents have a long list of buyers desperate to move within or into Chiswick and anything priced correctly will sell and fast. The only properties that are sticking are those that are ambitiously-priced – which we always advise against.” 

The July data from Land Registry's flagship House Price Index shows an annual price decrease of 2.1 per cent which takes the average property value in England and Wales to £163,049. By contrast, London prices over the same period rose by 1.3% to £346,416 .

The most up-to-date figures available show that during May 2011, the number of completed house sales in England and Wales decreased by 10 per cent to 46,870 from 52,170 in May 2010. The number of properties sold in England and Wales for over £1 million decreased by 44 per cent between May 2010 and May 2011, from 464 to 262.

The numbers below are subject to revision as is it usual that some properties are added late to the Land Registry's database.

If you want to receive regular updates on the Chiswick property market with informed comment from the best local agents sign up for our weekly e-mail newsletter by clicking here.

ChiswickW4.com is the only place that you will find detailed analysis of the Chiswick property market.

June 2011 Property Sales in Chiswick

* Some properties excluded from this table at owners' request

Property sales in May 2011

If you are a member of the site who has recently moved into one of these properties and do not wish to have the details displayed here just let us know and we will remove them.

Source: Land Registry

October 4, 2011