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Activity returns to the Chiswick property market
Estate agents will be breathing a sigh of relief on reading the latest information which shows a modest recovery in the number of property sales locally.
After hitting an all-time low in the first quarter of the year volumes have recovered by 94% although they still remain well below the levels seen when the market was booming.
The headline number for prices looks, at first glance, to signal continued price falls with the average price down by 13.3% to just over half a million in the quarter however the fall appears to have more to do with the change in the mix of sales than a generally declining market. Volumes of flat sales grew the fastest during the quarter and the average price of flats and terraced houses rose. The number of top end properties changing hands appears to have declined.
Faron Sutaria Manager Jason Scott said, "There appears to be an anomaly in the market compared to the statistics that come out from time to time. We have recently agreed the sale of a property that went under offer within the first seven hours of marketing at a fraction below the asking price, which was the marketing price of 2007!
"The properties we are selling in Chiswick are holding their own against the fluctuations in the market. I think this is down to the lack of supply issue and some good selling skills."
The figures for England and Wales as a whole show a modest improvement in the monthly change in house prices. The June increase of 0.1 per cent is the first time the monthly change has been positive since January 2008. The annual drop of 14 per cent took the average house price to £153,046.
London experienced the greatest monthly rise with a movement of 2 per cent, making it the region with the greatest monthly change and an average property value of £301,859.
All regions in England and Wales experienced a decrease in their average property values over the last 12 months.
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 - April - June 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
August 14, 2009