|Chiswick Property Market at a Standstill|
Latest figures make grim reading for estate agents
Headline numbers from the Land Registry show that the property market rallied in the first quarter but on very low volume.
Only 50 properties changed hands, 60% below the number of transactions in the same period last year and over 80% down on three years ago. With a transaction taking place only every other day at best agents will be looking for a quick upturn in activity or more consolidation will be inevitable.
The average price of property in W4 is £577,020 up by 8.9% compared with the previous quarter. However, a closer look at the numbers shows that both terraced house and flat prices have continued to fall and the only reason the overall average rose is that larger properties are representing a bigger proportion of volume.
Christian Harper of Chiswick's Oliver Finn said, "I would say that although these figures are in black and white I don't feel that it really offers a fair reflection to assess the total position of the market as the first quarter is the 'mucky quarter' with transaction completing from agreed sales in the winter months.
"Typically the first quarter sales are in the higher end house market due to relocation and new employment contracts which these figures certainly demonstrate."
Derek Fletcher of Edward D’arc told ChiswickW4.com, “With the volume of transactions so low it is not surprising that there appear to be some regional discrepancies in the figures and recent Chiswick sales at the top end reflect nearer 2005/6 figures than 2004.
“The shortage in supply (due primarily to lack of confidence in the market generally, and compounded by fears of unemployment) appears to have had the effect of stemming the fall in property prices, particularly at the higher end of the Chiswick market. Whilst there is a feeling that the housing market may have bottomed out, demand from buyers remains weak and therefore prices are unlikely to see an upturn in the near future, but the medium to long term view looks a lot healthier than it did three or four months ago.”
Over the last year the average flat price has fallen by 31.7 per cent and terraced properties are down 22 per cent. Over the last five years terraced house prices have still risen by nearly 50% but flat prices have hardly moved at all.
Harper continued, "Flat and terraced house transactions hit the second quarter so I look forward to the next results which will without doubt show a huge increase in volume and price increases across the entire residential market"
The Land Registry data for March for the country as a whole shows an annual house price change of -16.2% which brings price levels back to those seen in August 2004.
London prices have fallen by 15.4 per cent to £299,613 however, prices did rise slightly in March, the first time in a year the price index has seen a positive change.
The numbers below are subject to revision as is it usual that some properties are added late to the Land Registry's database.
W4 Property Prices - January - March 2009
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 18, 2009