|Chiswick Property Prices Stay Steady|
Latest figures show resilient prices but volume dire
Just when it looked like the long-heralded property crash was upon us, Chiswick property prices have defied expectations and moved upwards again.
During the third quarter of the year prices rose by 7.9% compared to the previous three months. This puts the average price of a Chiswick property at £564,594.
The previous quarter did see an alarming drop of 16.5% so property owners will be relieved to see that this wasn't the beginning of a precipitous drop.
However, local agents can take little comfort from the figures as they show that volumes still remain poor with only around three properties a day changing hands in the area. Turnover is down by 58.4% compared to the same period last year and some of the more marginal agents are reported to be going a whole month without selling a single property.
Prices are still 6.4% lower than the levels seen in the same period last year however terraced houses have risen in price over the last twelve months. The weaker sector of the market appears to be flats. Local agents believe the lack of new supply for family houses is giving this type of property greater price resilience. Over the last three years terraced houses have risen in value by 54.6% compared to 4.2% for flats.
The statistics are for transaction that predate the bailout of banks globally and the collapse in stock markets but with sharp cut in interest rates recently there are also supportive factors for local prices.
London also experienced a decrease in its average property value over the last 12 months, with a movement of -6.1%, taking the average London house price to £328,927.
Annual house prices in England and Wales fell by 8 per cent in September to prices last seen in autumn 2006, according to the latest figures from Land Registry. The average house price is now £168,814 which is also a decrease month-on-month of 2.2 per cent.
The numbers are subject to revision as usually some properties are added late to the Land Registry's database.
W4 Property Prices - Jul - Sep 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
December 15, 2008