|Chiswick Property Sales See Sharp Fall|
Transactions down by a fifth as sellers stay put
Local estates agents believe an increased number of potential sellers are choosing to extend their properties rather than put it on the market leading to a fall in the number of properties being sold in Chiswick.
A shortage of the right quality of property for sale is leading people wishing to move within the area to stay put and increase the size of their homes instead.
Joseph Murphy, Sales Director of Orchards of London said, “While location remains very important, good quality properties in terms of finish and layout are easier to sell but also harder to find at the moment. Potential sellers of quality properties are choosing to hang on to what they've already got if they cannot better it. You only have to walk along Chiswick side streets to see the amount of house extensions currently being carried out.”
This has lead to a 20% fall in the number of home sales in the W4 area according to the latest figures from the Land Registry. In the second quarter of the year 135 properties sold at an average price of £698,418.
Flat prices were down from the record levels seen earlier in the year but a move up in house prices led to a 5.7% increase in the overall average compared to the same period last year.
Some agents see signs of an improvement in market turnover in the second half of the year.
Christian Harper of Oliver Finn commented, "Activity is steady in terms of new instructions which should improve the activity rate of the second quarter. I am expecting a busy third quarter with an upturn on instructions levels which will fuel the ever present demand which should generate positive results against these Q2 figures. That said, I am not expecting an explosion of negative or positive trends over the remainder of the year."
Matt Thompson, Manager of Featherstone Leigh, said "Despite the Olympics causing lots of fun and distractions for us all, the market remains strong going to sealed bids with eight offers on a house in Binns Road. "
London has been the best performing property market over the last year according to the Land Registry's House Price index. Prices were up by 6.3% in the year to June.
For England and Wales as a whole the House Price Index shows an annual price increase of 0.9% which takes the average property value in England and Wales to £161,777.
Chiswick Property Prices - April - June 2012
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 12, 2012