|Chiswick Property Prices Remain Steady|
Average W4 price close to record levels at £625,488
Chiswick property prices have remained steady in the latest maintaining close to record levels in the second quarter of 2010.
Average price in W4 £625,488 largely unchanged from the previous quarter but up by 25% on what was a weak quarter in the comparable period in 2009.
Over the last three years prices are up by 18% although much of that rise is attributable to increased prices at the top end of the market. Flats and terraced houses have only risen marginally.
Oliver Finn's Christian Harper said, "The market has certainly seen an almost 2007 level of activity. Asking prices, sealed bids and “we would like to view in 10 minutes so we don’t miss this one” are all common place in our office currently. Confidence has been at an all time high with buyers during the past quarter however due to the holiday season activity has certainly slowed in the last few weeks.
"It appears that medium term confidence is running high in many sectors which naturally provides a solid foundation to a stable and slowly increasing market in the residential property market."
Prices almost doubled over the last decade although it is notable that volumes, despite having recovered from the lows seen during the financial crises, are nowhere near those seen ten years ago.
London overall experienced an increase of 12.2 per cent in June compared to last year. In comparison to this, the figure for England and Wales as a whole was 8.4 per cent. London’s house prices are now around the same levels they were three years ago. London's monthly change brings the average house price there to £338,027, while the average for England and Wales is £166,072.
Looking ahead some analysts are not optimistic that the current price strength will be maintained.
Miles Shipside, commercial director of Rightmove, comments, “The number of new mortgages being approved each month is less than half the number of new sellers, with the imbalance being exacerbated by the increase of nearly 50% in the number of properties coming to market compared to a year ago. More aggressive pricing is now the order of the day, which means that conditions are ripe for a strong buyers’ market in the second half of 2010. This is likely to see the average price gains of 7% for the first half of the year wiped out by year-end, in line with Rightmove’s original forecast for the year of no net change in prices”.
W4 Property Prices - April - June 2010
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 13, 2010