|Latest Chiswick Property Sales|
Prices rise by over 20% over last year when Mansion Tax fears hit market
Overall the average price of a property in the W4 post code area rose by 22.1% in the first quarter of the year to £997,434. The corresponding period in 2015 saw prices fall due to concerns about the election and the possibility of a 'Mansion Tax' being imposed. Most of the rise in the headline number is due to more larger properties being sold in the most recent period. The price of flats and terraced houses have only changed marginally over the last 12 months.
The top priced sale so far this year is an eight-bedroomed house on Chiswick Lane with an outdoor swimming pool which went for £4,500,000. This makes it the eighth most expensive home sold in the W4 post code area.
A property on Chiswick High Road which is above the Gap store sold for £5,500,000 but this is understood to contain retail space as well as residential.
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.”
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February 2016 Property Sales in Chiswick
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Source: Land Registry
May 17, 2016