|W4 Property Market Consolidates Gains|
Prices have now tripled over the last ten years
Chiswick property prices have maintained the high levels seen in the last quarter. Home values in the W4 area have now tripled over the last decade.
In 1996 the average price of a terraced house in Chiswick was £168,389 and is now over £500,000. Flats in Chiswick averaged just over £90,000 against a current level of £295,000.
The average Chiswick property now cost £446,052 up marginally from the same period last year but maintaining the high levels seen during the last quarter.
The quarter saw the sale of the most expensive residential property ever sold in Chiswick with a home on South Parade achieving over £3.2 million. Without this transaction the average price during the quarter would have been down.
Christine Fox of Faron Sutaria on Turnham Green Terrace said of the current market, "This year so far is busiest I can remember in all my years at Farons! There is a perception that there is less property on the market but we have also maintained levels of new instructions, with approximately double the amount of buyers that we would expect at this time of year."
Volumes have recovered and are up 23.3% from last year with 280 properties changing hands during the quarter. In a reversal of recent trends the strongest section of the market was for flats and maisonettes which are up by 6% over the year.
Chiswick's price performance over the year is below that of the rest of London and England and Wales but it follows on a period when prices were rising more rapidly in W4. London prices are up 8.2% over same period and prices in England and Wales up 7.7%
Despite the recent rise in interest rates by the Bank of England, there have been no reports of a market slowdown and available property seems to be moving quickly.
The numbers quoted are based on Land Registry data from April to June 2006. The numbers are subject to revision as usually some properties are added late to the Land Registry's database.
W4 Property Prices - April - June 2006
August 17, 2006