|Property prices up 18% but sales slow|
Mixed news for local agents in latest numbers
The latest set of figures from the Land Registry are showing a sharp rise over the last year with the price of the average property up by an impressive 18%
However at the same time volumes continue to be extremely depressed with only 135 properties changing hands during the three months to March 2005. This is just over half the level seen in the same quarter last year. Several agents have had to lay off staff and there are continued rumours of branch closures. The squeeze appears to be on the larger chains who anecdotally are losing market share to the nimbler local independent agents.
The rise in prices also needs to be treated with a degree of caution. The base for comparison is a period in the first quarter of 2004 when prices dipped only to recover soon after. Anyone who bought a house between January and March 2004 may have cause for celebration but prices on average are down over the last six months.
There is also a great deal of variation within the market. Whereas house prices have been strong flat prices actually fell over the last twelve months albeit marginally.
There was activity in the top end of the market with 5 houses in Chiswick changing hands for more than £1,000,000. Several very attractive properties in this bracket remain on the market including Said House which is being sold through Fletchers Estates and was recently feature in BBC's 'The Apprentice'.
The figures show that the average price of a Chiswick property is now £411,737. Prices in London rose by 9.83% over the last year and 10.27% for the country as a whole.
The decline in volumes already appears to be taking its toll with Chestertons going into administration. However, the residential side of this business is continuing to operate and no agent has closed its doors yet. According to one local agent some of their competitors have made only a couple of sales in Chiswick if that so far this year.
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 Jan-Mar 2005
Property Prices in Chiswick Oct-Dec 2004
Property Prices in Chiswick Jul-Sep 2004
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