W4 Property Prices Miss Out On London Recovery

Terraced Properties see sharp fall as flat prices rebound

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Average Chiswick property costs £349,896 according to Land Registry

Chiswick prices down 10.8% in the quarter to March 2004 (Land Registry)

Chiswick prices down 1.4% over the last year

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Faron Sutaria
Fletchers Estates
Borthwicks
Winkworth

Business As Usual at Borthwicks

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

Postcode sector
Detached Semi-Detached Terraced Flat/Maisonette Overall
Price £ Sales Price £ Sales Price £ Sales Price £ Sales Price £ Sales
W4 1 0 0 675555 9 518409 11 279879 17 447038 37
W4 2 0 0 491491 6 411666 12 258040 21 341225 39
W4 3 0 0 481250 4 406500 10 243359 22 315108 36
W4 4 0 0 0 0 541875 4 262068 19 310730 23
W4 5 0 0 435768 11 342769 26 265249 22 331202 59
Overall 0 0 524913 30 409317 63 260846 101 349896 194

Property Prices in Chiswick Oct - Dec 2003

Postcode sector
Detached Semi-Detached Terraced Flat/Maisonette Overall
Price Sales Price Sales Price Sales Price Sales Price Sales
W4 1 0 0 732673 13 562926 21 252176 23 476249 57
W4 2 0 0 785011 9 437079 24 262450 10 469290 43
W4 3 689166 3 639079 12 437669 13 233553 26 398120 54
W4 4 0 0 500680 5 0 0 222446 27 265920 32
W4 5 444333 3 386073 8 339034 13 246538 26 304780 50
Overall 566750 6 635123 47 456457 71 240294 112 392257 236

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