New numbers show sharp falls in property prices

A plunge of over 15% in prices over the last six months and a 30% fall in sales suggests boom is decisively over

  • Average Chiswick property costs £354,376 according to Land Registry
  • Chiswick prices up 3.7% in the year to Mar 2002 (Land Registry)
  • Chiswick prices down 7.4% in the latest quarter
  • Terraced houses have been the most resilient fell the most
  • Sales in Chiswick down over 30%


    Signs of a recovery?

Chiswick property prices have been hard-hit according to data released by the Land Registry. Prices of properties registered with them during January to March were down by 7.4% compared to the previous quarter.

This brings the cumulative fall over the last two quarters close to 15% for this area.

Over the year prices are up by 3.7% in Chiswick which compares to a 12.1% rise in London in general and a rise of over 20% in the rest of the country.

Volumes to have reduced sharply down by around 30% compared with the same period last year. The period saw the first closure of an estate agent's office in Chiswick with Rolfe East shutting up shop (to be replaced however by another estate agent.

The biggest fall came in terraced houses which up until recently had been the strongest performing part of the Chiswick market. They fell by 11% during the quarter. Flat prices remain weak but appear to have stabilised somewhat after recent sharp falls. The top end of the market remains moribund with no transactions of over £1million taking place according to the Land Registry despite a substantial number of properties in this category currently on the market.

Postcode sector
Detached Semi-Detached Terraced Flat/Maisonette Overall
Price Sales Price Sales Price Sales Price Sales Price Sales
W4 1 0 0 647416 6 541383 9 232787 12 427792 27
W4 2 0 0 501875 4 411250 14 277003 17 356401 35
W4 3 0 0 914500 5 399919 13 242183 18 392520 36
W4 4 0 0 547666 3 0 0 238460 20 278791 23
W4 5 0 0 429600 5 407700 10 195750 16 301838 31
Overall         432737
46 238108
83 354765
152

Meanwhile data from hometrack suggests a slower fall over the period and the possibility of some recovery. The average number of viewings taken to sell a property in Chiswick fell to 14 from 19 in previous months.

May 9, 2003

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