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Property prices in W4 match levels seen at the end of last year
The average price of a home sold in Chiswick so far this year has remained static compared with that seen towards the latter part of 2015.
There have been 63 sales reported to the Land Registry to date at an average of £959,489 which is marginally below the level seen in the fourth quarter of the previous year. During the early months of 2015 prices were averaging over a million so the market appears to be down on a year on year basis.
Of these 25 properties changed hands for over one million pounds two of which went for over two million. The top priced sale year to date is a house in Homefield Road which cost £2,650,000.
House in Homefield Road is most expensive in W4 year to date
The local property market finished 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.
The average price paid for a home in the W4 post code area according to the Land Registry during the last three months of the year was £962,268 a retreat from the record levels seen in the previous quarter.
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. The average price of a London home is now at least double any other region of the country apart from the South East.
Prices in the London Borough of Hounslow rose by 13.6% during the year to reach £409,062 and in Ealing they are up by 6.7% at £494,437.
Prices in the borough of Hammersmith and Fulham rose by 7.3% to £846,355 making the area the third highest priced in London after Kensington & Chelsea and Camden.
Prices in the London Borough of Ealing rose by 6.7% during the year to reach
Prices in the London Borough of Merton rose by 11.2% during the year to £510,395
Prices in the London Borough of Wandsworth rose by 7.3% during the year to £622,857
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.”
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Property Sales in Chiswick - January and February 2016
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Source: Land Registry
April 27, 2016