|Sealed Bids Bonanza for Chiswick Estate Agents|
Transaction volumes surge as prices reach new all-time high
House sales are booming in Chiswick according to the latest figures which show that volume has increased by over a quarter and the period has seen the highest turnover for six years.
One agent said that in September and October they had achieved 108% of asking prices due to sealed bids featuring on nearly every transaction.
The September data from Land Registry's House Price Index shows that prices are up by 23.1% over the last year and are up on average over the quarter to another new record.
The period saw the third most expensive property sale in Chiswick with a house in Queen Anne's Gardens going for £5,800,000. This is the highest price paid for a home in Bedford Park and a property in Chiswick not by the river.
Local agent Christian Harper of Oliver Finn www.oliverfinn.com commented that it was "nice to see an increase in supply to assist in balancing the insatiable demand."
"Although the saying ‘make hay whilst the sun shines’ springs to mind I share concern if this market is sustainable for the entirety of 2014.
"I certainly predict the 2014 market will begin with a bang with many of this years buyers snapping up the new stock without delay in January. I suggest that wise sellers will market their property in Q1 next year as I fear that market sceptics voices will become louder and louder with talk of boom and bust conversations."
The September data from Land Registry's House Price Index shows that London remains the best performing property market in England and Wales. The average price of a home in the capital rose by 9.3% over the year to £393,462.
Jon Pishiri, RICS London residential spokesperson commented, “Increasing demand and continuing low supply are major determinants in London prices being pushed up. The Help to Buy initiative coupled with rising rental values are further encouraging people to purchase a house as opposed to renting. There is an obvious need to increase supply to the market in order to address this problem.”
For the country as a whole prices rose by 3.4% which takes the average property value in England and Wales to £167,063. Repossession volumes decreased by 28 per cent in July 2013 to 1,187 compared with 1,645 in July 2012.
The number of properties sold in England and Wales for over £1 million in July 2013 increased by 34 per cent to 1,143 from 852 in July 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
November 15, 2013