|New all-time high for Chiswick property|
Strong rises see local housing market break record
A second strong quarter in a row has moved the price of the average Chiswick property to an all-time high.
New data from the Land Registry shows that the average property in the area rose by 10% in the latest quarter.
This has increased the average price of a Chiswick property to £417,964 the highest level recorded since this data was first published.
The price of the average home in Chiswick has increased by 11.5% over the last year. However, a detailed analysis of the numbers reveals a mixed pictured. The prices of terraced houses actually fell over the quarter and are now barely up over the year. This was on the back of a very strong rise in the previous period which had seen them increase to an average of over £500,000.
Christine Fox a director of Faron Sutaria estate agents based in Turnham Green Terrace is anticipating a positive finish to the year, "While there is no doubt that there are busier and quieter sections of the market at the moment we are surprisingly busy for this time of year. We have had several 'best offer' scenarios recently, where more than one buyer puts an offer in on a house at the same time - so what's wrong with the market! We are still registering a healthy number of purchasers, and taking on new houses and flats so as long as we have buyers and sellers the market is what you make of it! "
Flats which had previously been hard hit by oversupply of newly built apartments continued to see a price recovery in certain areas and there was renewed evidence of activity at the top end of the market with more larger houses in the Bedford Park and riverside areas changing hands giving a disproportionate boost to the overall average.
Stephen Rodgers of locally based Mortgage specialists Berkeley Consultants commented " we have experienced a increase in demand for mortgages on properties over the million pound mark. This has been evident since the summer and does not show any sign of abating."
The good news for estate agents was that volumes are starting to increase again with over 300 properties changing hands over the period. This compares with over 40,000 properties changing hands in London as a whole.
Chiswick continues to lag national prices increases which are up 16.3% over the last year but prices in London underperformed W4 with a rise of just 9.7%.
Property Price Data
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 Jul- Sep 2004
Property Prices in Chiswick Apr - Jun 2004
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. Note these figures may differ slightly from numbers previously published on this site as the Land Registry has revised its historic data.
November 10, 2004