|'Frenzy of Viewings' for Chiswick Properties|
Shortage of instructions feeds price recovery in the local area
Property sales so far this year suggest that home values in W4 have edged upwards again after experiencing a sharp dip in the fourth quarter of 2011.
Year to date in 2012, 65 properties have been sold in the area at an average price £652,701. The market appears to have turned back upwards in December after dipping to just over £600,000 in the fourth quarter. This compares with the all time high for the market average of £700,000 which was reached in the third quarter
A more detailed picture of what is happening in the local property market will be available in the next few weeks when the Land Registry publishes its quarterly data report.
Of the properties sold in Chiswick so far this year seven have reached over £1,000,000. The most expensive is a house in Bedford Road which changed hands for £2,700,000.
Christian Harper of local estate agent Oliver Finn explains the rise as follows, "The Chiswick market is desperately short of new instructions whilst enjoying the usual compliment of well financed and eager buyers which means that the true perspective is somewhat cloaked whilst many buyers are prepared to stretch their budgets and pay over 'true value' to secure a property."
He predicts a continued frenzy of viewings on all new and well priced instructions for the next couple of months and then suspects the Olympics may be the catalyst for the market to quieten for the remainder of 2012.
London was once againg the region in England and Wales which experienced the highest increase in its average property value over the last 12 months. Prices were up by 4.2% in the year to February. The North West experienced the greatest annual price fall with a decrease of 3.5%.
The data from Land Registry's flagship House Price Index shows an annual price decrease of 0.6% which takes the average property value in England and Wales to £161,588. The monthly change from January to February is an increase of 0.1%.
The most up-to-date figures available show that, during December 2011, the number of completed house sales in England and Wales increased by 8 per cent to 61,470 compared to 56,875 in December 2010. The number of properties sold in England and Wales for over £1 million in December 2011 decreased by 13 per cent to 488 from 559 in December 2010.
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January 2012 Property Sales in Chiswick
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Source: Land Registry
June 27, 2012