|New Highs for Chiswick Property Market|
Bedford Park homes now average three quarters of a million
There has been no let up in the seemingly unstoppable rise in Chiswick property prices according to the latest official figures.
The average home in Chiswick now costs £537,057 up by 3.5% from the end of last year and 20.5% compared to the same period in 2006. Rising fastest of all are homes in the Bedford Park area which changed hands at an average price of close to £750,000. The W4 property market is outperforming both national property price trends and those for the rest of London.
As for much of 2006, the driving force behind the rise in prices has been the top end of the market. 32 semi-detached properties changed hands during the first quarter of this year at an average price of over £1,000,000. Local estate agents report that city bonuses are driving this section of the market forward.
Perhaps a more representative reflection of the market is the 7.8% rise in the price of terraced properties over the last year. Both flats and terraced property prices were barely changed when compared with the last quarter.
The start of the year is traditionally a slower one for property market transactions but turnover in Chiswick property appears to be down on last year. So far 191 properties have been reported as having changed hands compared to 286 for the first three months of 2006. However, due to late registrations, there may still be more property sales to be recorded. There is some anecdotal evidence that some of the less successful agents are finding trading conditions difficult despite the record prices.
Nationally properties were up by 8.3% over the last year to an average price of £178,423. London saw the highest rise for England and Wales in this period with the average property now costing £323,511 up by 11.6%
Due to relatively depressed prices in the second quarter of 2006 the next set of statistics is likely to show an even bigger increase in prices on a year on year basis.
The numbers quoted are based on Land Registry data from January to March 2007.
The numbers are subject to revision as usually some properties are added late to the Land Registry's database.
W4 Property Prices - January - March 2007
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
December 15, 2008