|W4 Property Prices Recover|
Prices up by 7% over the last quarter although still down over the year
The latest numbers released by the Land Registry show that prices have recovered from the lows seen in the first half of this year.
Local prices were up by 7% over the quarter to bring the average price of a property in Chiswick to £383,535. However this is still 6% lower than they were a year ago. This compares poorly with national prices which rose by 10.2% over the year and London overall which was up by 5%.
Christine Fox, a director at Faron Sutaria on Turnham Green Terrace is upbeat on the future performance of the market saying, "The last few weeks have seen several competitive bids for properties with more than one buyer involved. If any property is perceived as good value they are keen to commit. Now is a good time to buy before the traditional 'spring' buyers come out in force next year and bring a lot more competition for the people that are currently looking."
There was some indication that activity at the top end has recovered though it remains well down on peak levels with very few transaction in the £1 million+ bracket.
Activity in the market for flats almost doubled over last quarter's very depressed figure but prices are recovering the most slowly. Terraced houses remained relatively strong and have barely declined from the levels seen last year.
Volumes have picked up from the last quarter which will be of some relief to estate agents but they remain down by a third compared to this time last year.
Desperation for more business has prompted some estate agents to further intensify the amount of junk mail they are sending to Chiswick residents. As a result of increasing complaints about this unwelcome and wasteful form of marketing the Chiswick Recycling Action Group has launched a campaign called 'Junk the Junk'.
The figures came before the latest rise in the base rate so it remains unclear how this will impact the market.
Copyright notice: All figures in this article are based on data released by the Land Registry. The numbers are derived from analysis performed by ChiswickW4.com. Any use of these numbers should jointly attribute the Land Registry and ChiswickW4.com
Property Prices in Chiswick Jul - Sep 2003
Source: Land Registry
November 24, 2003