|Average Price of Chiswick Terrace Reaches Record High|
Now exceeds £900,000 according to latest Land Registry data
The predominantly Victorian and Edwardian terraced house which makes up a significant proportion of Chiswick's housing stock is proving to be a popular asset.
According to the latest figures released by the Land Registry the average price paid for a terraced house in W4 in the third quarter of 2012 was over £900,000, the first time it has reached this level. This average is based on 69 such properties changing hands during the period.
Local estate agent Christian Harper of Oliver Finn, said it was "wonderful news". He attributed it to the desire of householders to carry out refurbishments to upgrade their homes. But he urged caution as he said the bigger figure of annual prices across W4 still showed a drop.
Overall the average price of a Chiswick properties has fallen in recent months down by 8.8% compared with the same period last year to £678,874. This could be as much due to a change in the mix of properties sold as opposed to a generalised downturn in the market.
The third quarter of 2011 was an all time high for the local area with the price average reaching nearly three quarters of a million. This was largely due to a surge in sales at the top end of the market. In the latest quarter it was flat sales which saw the biggest increase.
Despite the short term fall prices in the W4 post code area are up by 22.1% over three years and 72.7% over the last decade.
Christian Harper commented ; "I understand that W4 has 11,400 terraced houses out of a total of 23,000 households (includes flats within houses) so it is wonderful news for current owners that the average price has hit an all time record.
"I atttribute a good percentage of this uplift to our desire to refurbish and develop every last corner of our homes. Loft rooms, side returns, basement conversations, home/office structures etc. etc. which have all drastically improved the desirability of the average three bedroom terraced. Most three or four bedroom terraced houses now almost equal desirability with semi-detached houses. Very rarely do buyers now ask for semi-detached under £1m and to be honest the fact that its terraced, end of terraced, semi-detached or detached is almost of insignificance compared to how much has been spent on the kitchen.
"I would still urge caution as the bigger picture of the annual figures across the whole of the W4 market still shows a drop so my advice would be to have a party to celebrate the record price level however don’t drink too much as you need to drive home."
Paul Connolly, Managing Director of Orchards of London says:
“We see many homeowners taking great pride to restore their Victorian and Edwardian terraced homes – no cost spared! Many of our clients have interior designers help them utilise spaces that were rendered obsolete in the past but now make handy storage spaces or home offices.
"A prime example of creative design is on Devonshire Road, we have an apartment on our books that has been cleverly designed to make the most of each space, the end results trumps many conversions we have seen. Space and value for money is at the essence here!" (http://www.orchardsoflondon.com/property-details/chiswick/devonshire-road-6 )
London was the region in England and Wales which experienced the greatest increase in its average property value over the last 12 months with a movement of 5.5 per cent.
The September data from Land Registry's flagship House Price Index shows an annual price increase nationally of 1.1 per cent which takes the average property value in England and Wales to £162,561.
The most up-to-date figures available show that during July 2012, the number of completed house sales in England and Wales decreased by 9 per cent to 56,509 compared with 62,303 in July 2011.
The number of properties sold in England and Wales for over £1 million in July 2012 increased by 13 per cent to 817 from 725 in July 2011.
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
November 12, 2012