|Property Crash. What Property Crash?|
Chiswick prices holding up well though volumes tumble
The most recent official figures are showing that Chiswick property prices have yet to see a significant fall. In fact up to March of this year Chiswick prices are up by 16.7% and terraced properties in W4 have risen by a third compared to the same period last year.
The most striking aspect of the figures is the sharp falls in volumes with only 125 properties changing hands down by almost half from the previous quarter. This has obviously hit agents hard and already one agent, Lauristons, has closed.
The average price of a Chiswick property is £626,647. This is down by 1.3% from the record level seen in the previous quarter.
Bedford Park property prices, which rose over £900,000 last quarter have retraced somewhat but still the average property in W4 1 costs £838,501.
Although the economic situation may have worsened since the first quarter and falls are expected for subsequent months, the period covered was a time of economic uncertainty with many predicting sharp falls in property values. The outcome seems to have been that prices remained stable but that transaction levels have fallen off.
Over the last three years Chiswick property is up by 56.2% with terraced properties up by 63.8%
Prices in London as a whole were up by 10.5% with the average property costing £357,675. London is still seeing the highest levels of increase in the country.
House prices in England and Wales dropped by 0.4 per cent in March compared to February, taking the average price to £184,798. It is the second consecutive monthly fall for England and Wales since August 2005. Over the year prices were up by 3.6%
The numbers are subject to revision as usually some properties are added late to the Land Registry's database.
W4 Property Prices - January - March 2008
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
May 15, 2008