|Dramatic fall in local house sales|
Volumes tumble as prices stagnate in Chiswick
The latest set of figures from the Land Registry suggest a sharp fall in the number of transactions in the local property market. Home sales fell by over 30% compared to the same time last year.
With only 195 properties changing hands in a three month period the market is as quiet as it was during the period of uncertainty following the September 11th attack on the World Trade Centre. The rest of the country also saw a fall in volumes but not to the same extent as the local area.
Prices appear to be a mixed bag falling from the previous record breaking quarter but still up from the same time last year. Prices fell by an average 0f 2.5% during the quarter but once again this masks differing trends in various sectors of the market. Flat prices were off sharply but terraced houses staged a recovery.
The top end of the market appears quiet still though the three houses in the Bedford Park Area did sell for an average of £1.7 million.
The figures show that the average price of a Chiswick property is now £407,648. Compared to the same period last year prices are up by 6.0% though this continues to lag both the trend in London and the rest of the country.
Stephen Rodgers of local property finance specialist Berkeley Consultants commented, "Although Chiswick is experiencing typical down valuations within the remortgage market, purchased property does not seem to be having the same problem. This would suggest to me that agents are valuing accurately at the moment."
Anecdotally the market share of the smaller local agencies seems to be increasing with the larger chains losing out in the more difficult market. There are rumours that one national estate agent is considering withdrawing from the Chiswick market due to a lack of business in the area.
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 Oct-Dec 2004
Property Prices in Chiswick Jul- Sep 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