|Stunning Figures Released For Chiswick Property|
Average Chiswick home smashes another price barrier
Last quarter's review of the Chiswick property market speculated that the peak of the house price rises could have been reached. The release of the latest numbers show that this was certainly not the case.
Hopes that interest rate rises or the introduction of HIPs would have put a lid on the apparently ever rising prices have proven false as the average price of a Chiswick home has now burst through the £600,000 level.
Commenting on the figures, Oliver Finn's Christian Harper said "As a property owner in Chiswick I am delighted with the news. As an estate agent I am not surprised, demand is relentless to live in W4. Chiswick's popularity seems to have no limits. I remember selling detached houses in Bedford Park at £500,000 and buyers telling me that nobody would ever pay more!"
He continued "Even with some fairly un-nerving news in the later part of the summer, buyers have still been queuing for the 'right house' on the 'right street'. This in itself is testament to the stability of the Chiswick market. The buyers that put investment first are missing out to buyers that don’t mind paying what they have to be on their perfect street. Who will make more money in the long run - location or price?
"The above average increase in house prices in W4 is solid testament to the fact that buyers will pay what they have to, to live in Chiswick. I just cant see us being in a situation were buyers suddenly decide that they don’t want to live here and such, don’t predict the market falling back in any regard".
Over the last 12 months (to the end of September) the average has risen by 15.5% bringing the total rise over the last three years to 47.8%. The average terraced property in Chiswick now costs £722,727 this is nearly 5 times the average for a terrace property in the rest of the country.
Tim Dalby-Quenet, Manager of' Chiswick Branch commented, "We are still very encouraged by the level of activity in the market as a whole, especially considering the time of year. Viewing numbers are down very slightly if you look at year on year but there has been a definite increase in the calibre of those people who are offering. The most common element of the feedback we're receiving at the moment is always centred around price which is why it is important for vendors to stay ahead of the market and accept a competitive asking price."
This rise continues to be much more rapid than in the rest of the country which saw average prices increase by 8.7% to £183,896. London continues to outperform the rest of the country with prices rising even faster than Chiswick, up by 16.5% to £354,372.
Perhaps stock market volatility and rising oil prices may stop further rises before the end of the year but there is little sign of a price correction at the moment.
The numbers quoted are based on Land Registry data from July - September 2007.
The numbers are subject to revision as usually some properties are added late to the Land Registry's database.
W4 Property Prices - July - September 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