Chiswick Property Sales - January 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prices start the year on a subdued note
The local property market have started the year on a quiet note after a record breaking year in 2015. Prices fell by 4.8% in the last quarter to end the year averaging below the million pound mark and up 7.3% in the year as a whole. This compares to double digit increases seen across the rest of London. There were 46 properties reported as sold to the Land Registry during the month of January at an average price of £938,810. 18 of these homes went for over £1,000,000 with the top-priced property during the month being a house on Homefield Road which went for £2,650,000. This suggests that prices have drifted off since the end of last year with the average for the fourth quarter being £962,268 however it may be that forthcoming stamp duty changes encouraged more turnover in smaller properties driving the average down. Across the whole of London Prices rose by 13.5% over the twelve months to February bringing the average price up to £530,368. For England and Wales prices grew by 6.1% to £190,275. Prices in the London Borough of Hounslow rose by 13.6% during the year to reach £409,062. Prices in the London Borough of Ealing rose by 6.7% during the year to reach £494,437. Repossessions in England and Wales halved in December 2015 compared with the same month in 2014 and in London they fell by two-thirds. The latest survey by the Royal Institution of Chartered Surveyors (RICS) has revealed that growth in the private and public housing sectors in London slowed down considerably. Private housing workloads rose at their slowest pace since Q4 2012, with only 20% more of those working in the sector reporting a rise in activity rather than a fall over the first quarter of 2016. During the last quarter of 2015 that figure was 44 per cent. This easing in the private housing sector has not been offset by any increase in the construction of public housing, with growth in this sector remaining broadly unchanged from the previous quarter, and just 11% more surveyors reporting a rise rather than a fall in activity. RICS Chief Economist, Simon Rubinsohn said, “On the surface, it might seem surprising that we are witnessing a slowdown in the construction sector just a few months after hearing the Chancellor’s ‘We Are The Builders’ speech, given the Government’s significant commitment to this sector. One might well ask why growth in private housing workloads is softening at a time when policy is firmly focussed on the creation of new starter homes. We have long held the view that starter homes cannot be the only solution. There is an issue around the availability of land on which new houses can be built, and we would like to see more being done to free up private brownfield sites. “Our survey tells us that planning delays are one of the biggest barriers to growth in the construction sector. We have recommended that councils work together to create a team of emergency planners who can parachute into boroughs that are experiencing significant delays, therefore reducing a major growth barrier. “That said, we cannot discount the climate of uncertainty caused by the forthcoming EU referendum. We know that a range of sectors have been affected by these issues as investors look to delay any decisions until a final outcome has been determined, and construction is no exception.” 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. Over 10,000 property details are viewed on the site each month.
Property sales from December 2015 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 May 17, 2016
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