|W4 Property Prices Miss Out On London Recovery|
Terraced Properties see sharp fall as flat prices rebound
New figures show that Chiswick appears to be missing out on a broad based recovery in the property market. Average prices have fallen sharply to return to levels prevailing three years ago.
The numbers released by the Land Registry show that prices are down by 10.8% over latest quarter. This means that average property prices in Chiswick are more or less unchanged since 2001.
The average property in Chiswick now costs £349,896. For the country as a whole average prices increased by 12.2% to £166,404 in 2003 whereas for Greater London the average property price was up by 9.4% over the year to £262,685.
The fall seems in part due to the top end of the market remaining moribund. There were 470 properties over £1mn sold in London during the quarter but few if any of those were in Chiswick according to the Land Registry. Terraced properties, having been very stable in price over the last few years, fell by 10%
It wasn't all bad news with the flat market recovering well both in terms of price and volume.
Volumes in Chiswick have recovered slightly faster than prices and some agents are clearly winning market share due to more effective local marketing.
Christine Fox, a director at Faron Sutaria on Turnham Green Terrace, who correctly tipped the local flat market for a recovery earlier this year, remains cautiously optimistic describing the housing market as mixed and somewhat confusing. She said, "We have seen an enormous amount of activity in the first part of the year with viewing levels up 30% on the similar period last year. Flat sales are still very strong with competing bids in some cases pushing prices over the guide price."
She pointed out that Spring is traditionally the time to sell bigger houses in Chiswick with chains dependent on school holidays. Buyers are being circumspect about what they are offering on and there are certainly more viewings before buyers make their minds up.
Stephen Rodgers of local IFA Berkeley Consultants, has noticed a slight cooling in demand for property since Easter but nothing significant. Activity levels of first time and subsequent buyers reduced in April however that is not surprising when you have Easter at one end of the month and a bank holiday at the other. He feels the resurgence of City bonuses should shore up the market over the summer.
Property Prices in Chiswick Jan - Mar 2004
Roughly speaking the post code sector areas are as follows:
1 - Bedford Park and the north side of the High Road
2 - The south side of the eastern end of the High Rd down to the river at Corney Reach
3 - The Grove Park area and over to Strand on the Green
4 - The west of Chiswick between the A4 and Chiswick High Rd - (a high concentration of flats)
5 - The north west of Chiswick - Acton Green mainly
Property Prices in Chiswick Oct - Dec 2003
Source: Land Registry
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
May 27, 2004