Chiswick Property Remains in Short Supply

Price spike feared as post-election surge in transactions fails to materialise

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The highest price paid was for a six bedroom semi-detached house on Dukes Avenue that went for 3,550,000

Semi-detached house on Dukes Avenue went for £3,550,000

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The amount of property coming to the market in Chiswick continues to decline despite expectations that sales were being postponed until after the election.

Estate agents had been hopeful that once the period of political uncertainty had passed, particularly with regard to the possible 'mansion tax', sellers would be quick to bring properties to the market. However, there are strong indications that sales volumes have continued to be depressed having fallen by nearly 30% year on year in the first quarter.

Alastair Hilton of Winkworth says, 'Predicted massive interest in houses following the election hasn’t materialised. Instead, we are finding that there are strong buyers who are motivated, but they are careful about what houses they offer on. In general, houses that either need a complete refurbishment or that are beautifully presented are attracting the offers.'

Only 19 properties have been reported to the Land Registry as being sold in the W4 post code area since the beginning of April, thirteen of which changed hands for over £1 million. The highest price paid was for a six bedroom semi-detached house on Dukes Avenue that went for £3,550,000. The former home of artist Joseph Gandy on Grove Park Terrace was sold for £2,075,000.

Philip Pike of Faron Sutaria is urging potential vendors to take advantage of the current market conditions saying, 'As the confidence has returned to the local housing market, post-election, the level of buyers has steadily risen. The number of houses being placed on the market has also increased slightly, though not enough to keep up with the increase in demand. This is creating a seller's market, so anybody thinking of moving from Chiswick in the next year or so, may wish to considering bringing their plans forward a bit to take advantage of these local conditions.'

Christian Harper of HarperFinn does thing supply has improved since the election commenting, 'Finding a quality property to buy in Chiswick has been like looking for hen's teeth so far this year however since the election things have become easier. I believe that we are on the start of 10% increase curve for the remainder of 2015 which has encouraged sellers to sell and buyers to buy.  I say this with slight caution as the market tends to quieten as we approach summer holidays however, "Stand By for September", I think it's going to be busy!'

Alastair Hinton continues to see strength in the prices of flats which were the best performing asset type in W4 in the year to March. He said, 'Apartments are in massive demand and have been all year. We’ve seen an increase in demand for all flats and the prices that buyers will pay have certainly increased since the beginning of the year. Partly this is down to the perennial issue of not enough stock on the market in Chiswick.'

The Royal Institute of Chartered Surveyors (RICS) UK Residential Market Survey for May 2015 shows that a post-election supply bounce has failed to materialise as London sees fourth consecutive monthly fall in supply. Almost a third more London surveyors have seen supply of new homes for sale drop. As a consequence house prices appear to be on the rise again with 49% more surveyors expecting prices in the capital to rise over the next three months.

House prices in London rose again in May at a quicker pace than in April as the number of homes per surveyor remained close to historic lows according to RICS.

In the lettings market, tenant demand in London increased again in May (on a non-seasonally adjusted basis) and in the process is continuing to run ahead of supply with respondents anticipating rents will rise 2.6% over the next 12 months.

Simon Rubinsohn, RICS Chief Economist, said: “There had been some hope that the removal of political uncertainty would encourage more properties onto the market but the initial indications are that this is not proving to be the case. As a result, it is hardly surprising that prices are continuing to rise – with the reality meaning that properties are not going to become more affordable any time soon."

April data from the Land Registry shows that the annual price increase in London was 10.9% still well ahead of the rest of the country. The average price in the capital is now £474,544. For England and Wales there was an annual price increase of 5.1% which takes the average property value to £179,817 compared with the peak of £181,014 in November 2007.

The number of completed house sales in England and Wales decreased by 17% to 54,103 compared with 64,994 in February 2014. The number of properties sold in England and Wales for over £1 million decreased by 18% to 722 from 882 a year earlier. Repossessions in England and Wales decreased by 37% to 638 compared with 1,016 in February 2014. In London repossession sales fell by 45% to just 56 properties.

However, the Office for National Statistics (ONS) has produced data which contradicts this with London prices rising by just 4.3% in the year to April the lowest growth rate in two-and-a-half years and below the national average.

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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.

February/March/April 2015 Property Sales in Chiswick

Deed Date Address Price (£)
24/04/2015 13 Fielding Road, W4 1HP
2,100,000
24/04/2015 22 Watchfield Court, Sutton Court Road, W4 4NB
460,000
22/04/2015 30 Hamilton Road, W4 1AL
1,060,000
17/04/2015 2 Ramillies Road, W4 1JN
1,625,000
17/04/2015 25 Barrowgate Road, W4 4QX
270,000
17/04/2015 86 Rothschild Road, W4 5NS
1,150,000
16/04/2015 4 Strand On The Green, W4 3PQ
2,100,000
16/04/2015 58 Grove Park Terrace, W4 3QE
2,075,000
15/04/2015 Flat 6, Autumn Rise 14a, Sutton Court Road, W4 4NG
545,000
10/04/2015 Flat 7, Sutton Court Mansions, Grove Park Terrace, W4 3JH
620,000
10/04/2015 21 Alfred Close, W4 5UW
450,000
09/04/2015 45 Strand On The Green, W4 3PB
2,650,000
09/04/2015 64 Strand On The Green, W4 3PF
3,150,000
08/04/2015 1, St. James Court, Brooks Road, W4 3BB
960,000
07/04/2015 38 Flanders Road, W4 1NG
1,100,000
02/04/2015 3 The Avenue, W4 1HA
2,485,001
02/04/2015 74 Dukes Avenue, W4 2AF
3,550,000
02/04/2015 7 Bridgman Road, W4 5BA
1,350,000
01/04/2015 73 Duke Road, W4 2BN
1,290,000
31/03/2015 Flat A, 100 Turnham Green Terrace, W4 1QN
400,000
31/03/2015 13 British Grove, W4 2NL
1,545,000
30/03/2015 33a Somerset Road, W4 5DW
746,000
27/03/2015 36 Brookfield Road, W4 1DJ
815,000
27/03/2015 3 Boston Gardens, W4 2QJ
1,100,000
27/03/2015 50 St. Thomas Road, W4 3LD
295,000
27/03/2015 47 Oliver Close, W4 3RL
675,000
27/03/2015 Flat 13a, Arlington Park Mansions, Sutton Lane North, W4 4HE
461,000
27/03/2015 Flat 1, 40 Cambridge Road South, W4 3DA
362,500
25/03/2015 8, Heathfield Court, Heathfield Terrace, W4 4LP
699,999
24/03/2015 176 Chiswick Village, W4 3DG
395,000
23/03/2015 20 Flanders Road, W4 1NG
1,075,000
23/03/2015 103 Staveley Gardens, W4 2SE
569,500
20/03/2015 22 Hatfield Road, W4 1AF
1,151,053
20/03/2015 19 Merton Avenue, W4 1TA
1,000,000
20/03/2015 4 Wellesley Road, W4 4BL
2,110,010
20/03/2015 9, Heston House, 30 Wellesley Road, W4 4BN
385,000
20/03/2015 17 Clement Close, W4 5SS
362,000
19/03/2015 9 Airedale Avenue, W4 2NW
2,650,000
18/03/2015 45 Sutton Court, Fauconberg Road, W4 3JE
480,000
16/03/2015 8 Linden Gardens, W4 2EG
1,430,000
13/03/2015 4 Alexandra Gardens, W4 2RY
360,000
13/03/2015 59 Alexandra Gardens, W4 2RZ
400,000
13/03/2015 28 Chiswick Village, W4 3BY
380,000
13/03/2015 22 Barrowgate Road, W4 4QY
842,500
13/03/2015 74 Rothschild Road, W4 5NR
920,000
13/03/2015 Ground Floor Flat, 36 Weston Road, W4 5NJ
600,000
12/03/2015 Flat 50, Dewsbury Court 44-66, Chiswick Road, W4 5RA
300,000
11/03/2015 14 Crofton Avenue, W4 3EW
1,500,000
09/03/2015 12 Burlington Road, W4 4BG
847,000
09/03/2015 35 St. Albans Avenue, W4 5LL
1,160,000
06/03/2015 20a Sutton Lane North, W4 4LD
425,000
06/03/2015 32 Somerset Road, W4 5DN
790,000
02/03/2015 86b Thornton Avenue, W4 1QQ
600,000
02/03/2015 177 Staveley Gardens, W4 2TB
570,000
02/03/2015 5 Grove Park Mews, W4 3RR
562,500
27/02/2015 6 Merton Avenue, W4 1TA
1,220,000
27/02/2015 4a Bolton Road, W4 3TB
1,305,075
27/02/2015 45 Bollo Lane, W4 5LS
850,000
27/02/2015 Flat 2, 42 Cambridge Road South, W4 3DA
650,000
23/02/2015 22 Staveley Gardens, W4 2SA
599,950
23/02/2015 Flat 1, 42 Grosvenor Road, W4 4EG
645,000
20/02/2015 7b Linden Gardens, W4 2EG
566,000
20/02/2015 39, Pinkham Mansions, Brooks Road, W4 3BQ
434,950
19/02/2015 36 Fairlawn Grove, W4 5EH
1,540,000
18/02/2015 149 Chiswick Village, W4 3DG
550,000
18/02/2015 35 Kingswood Road, W4 5EU
1,269,750
16/02/2015 126 Duke Road, W4 2DF
997,500
16/02/2015 39 Wilton Avenue, W4 2HX
685,000
16/02/2015 16a Montgomery Road, W4 5LZ
569,000
13/02/2015 49 Speldhurst Road, W4 1BY
955,000
13/02/2015 43 Glebe Street, W4 2BE
1,121,000
09/02/2015 21 Esmond Gardens, South Parade, W4 1JT
775,000
09/02/2015 44 Alwyn Avenue, W4 4PB
1,455,000
09/02/2015 84 Antrobus Road, W4 5NQ
1,176,500
06/02/2015 3 Whellock Road, W4 1DY
600,000
06/02/2015 5b Devonshire Road, W4 2EU
825,000
06/02/2015 48 Alwyn Avenue, W4 4PB
1,780,000
06/02/2015 39 Fairlawn Grove, W4 5EJ
580,000
04/02/2015 70, Heathfield Court, Heathfield Terrace, W4 4LS
490,000
02/02/2015 Flat 7, St. Andrews Court, 17 Bolton Road, W4 3TE
500,000

 

Property sales from January 2014

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Source: Land Registry

June 20, 2015

 

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