With an 80% increase in volumes from last year
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Chiswick property prices have retraced some of their earlier gains according to the latest official figures.
The average sale price in the fourth quarter of 2009 was £559,421 down by 7% from the previous quarter but up by 5.5% from the previous year. Previously depressed flat prices have led the recovery this time with house prices down over the last twelve months.
The good news for agents was an 80% recovery in volumes with 157 sales recorded in the quarter.
In December, London experienced an annual house price change of 6.1 per cent according to the Land Registry. This is the third month in a row that prices have increased year on year. Although London’s annual movement has mirrored that of England and Wales for some time, it now appears that London’s growth in general is increasing more rapidly.
The figures for England and Wales as a whole in December show an annual increase of 2.5 per cent. This brings the average house price in England and Wales to £161,783. This is the first positive annual house price change since May 2008.
Right Move's House Price index, which is based on offered prices rather than sales prices, is showing that in January in London prices rose to an average of £407,731. This represents an annual change of 5.5% Right Move say their figures show 'century low' stock levels for estate agents with the average agent having less than 65 properties on their books.
Miles Shipside, commercial director of Rightmove said, "The decision of post New Year sellers to ask for a higher price could be a shrewd move. In spite of problems brewing for later in the year, there are definitely some of the ingredients for a buoyant spring, and a window of opportunity that sellers may wish to take advantage of."
Christian Harper at Oliver Finn told ChiswickW4.com, "Although Rightmove's figures are no doubt correct I think its important for us all to remember that Rightmove rely on estate agent income and thus tend to manipulate the figures to assist the market. I personally don't agree that house prices have actually risen in January and Rightmove's figures are based on estate agents desperately overvaluing stock to obtain possible business with the view that they have the whole of spring to sell it.
"In my 20 years in W4 I haven’t experienced a market quite like the current market and would advise potential sellers to place their property on the market as soon as possible as I fear the closer we get to the election - the quieter the market will get."
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 - October - December 2009
| Area | Detached | Sales | Semi-Det | Sales | Terrace | Sales | Flat/ Mais |
Sales | Total Aves | Total Sales |
|---|---|---|---|---|---|---|---|---|---|---|
| W4 1 | 0 |
0 | 0 | 0 | 737083 | 13 | 416220 | 17 | 555261 | 30 |
| W4 2 | 0 | 0 | 826666 | 3 | 678328 | 11 | 342535 | 14 | 526325 | 28 |
| W4 3 | 1146900 | 5 | 1087937 | 8 | 551090 | 11 | 275625 | 16 | 622750 | 40 |
| W4 4 | 0 | 0 | 1034387 | 8 | 0 | 0 | 342681 | 11 | 633926 | 19 |
| W4 5 | 0 | 0 | 764850 | 5 | 591951 | 17 | 310680 | 18 | 486991 | 40 |
| Total | 1146900 | 5 | 970118 | 24 | 637862 | 52 | 337407 | 76 | 559421 | 157 |
| Change in Quarter | -37.0% | 25.0% | -9.7% | -14.3% | -5.0% | -5.5% | -2.5% | -11.6% | -7.0% | -9.2% |
| Change in year | - | - | -10.5% | 118.2% | -2.4% | 57.6% | 15.0% | 76.7% | 5.5% | 80.5% |
| Change in three years | - | -16.7% | 4.7% | -35.1% | 10.7% | -34.2% | 3.6% | -39.7% | 7.8% | -36.7% |
| Change in five years | - | 66.7% | 62.6% | -20.0% | 26.9% | -18.8% | 32.6% | -30.9% | 38.9% | -24.2% |
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
February 15, 2010