|Multiple Buyers 'Chase' Properties In Chiswick|
Agents say the market remains buoyant with high prices
The property market in Chiswick is continuing to boom as agents report very strong prices particularly for houses in the best locations of W4 or those very well presented.
One agent reported having sixty viewers in a fortnight for one property which went for 20% over the asking price, while another agent reckoned there are four buyers chasing every new property on the market.
The Land Registry figures for the first quarter of 2014 show that the average terraced house in Chiswick is selling over over £1.1 million and the average flat is fetching over £500,000. Overall the level has remained close to a record high at just over £900,000.
The shortage of property coming onto the market appears to be easing slightly and agents say that with spring traditionally the time for people to put their homes up for sale, there should be a increase in movement over the next few months.
The overall price rise in the past decade has been a staggering 160.3%.
Christopher Bramwell, Head of Savills West London comments: “Across March and April, Chiswick has seen significant demand for property, with an average of more than 4 buyers for every new home entering the market. The majority of properties agreed during this period were agreed at or above the guide prices, with Savills achieving an average of 112% of the guide prices.
“Despite dramatic rises in overall averages, Chiswick still offers good value for money in comparison to Prime Central London, with 64% of buyers upsizing in the area. Further price growth is predicted for the years ahead, with Savills Research forecasting a 22.7% rise by 2018. May has seen more property come to the market, so choice for buyers is greater, realistic pricing of property remains the key to achieving the best result.”
Alastair Hilton of Winkworth commented: "We have been achieving very strong prices on a number of properties in Chiswick this year. We are finding that buyers are paying top prices for property in either the best locations or those that are beautifully presented.
"Within the last couple of weeks, we marketed a property in Dale Street that received the highest number of viewings and offers that we have ever had. Over the two weeks of marketing, it had 60 viewings and received 21 offers, eventually exceeding the asking price by over 20%."
Rudolph Diesel of Orchards of London said; "The sales market in Chiswick has remained strong over the last quarter with house prices showing slight continued upward movement and demand continuing to outstrip supply.
"The introduction of change following the Mortgage Market Review towards the end of April is likely to make the arrangement of mortgages a little more taxing and it is expected to take longer for loans to be issued. This is unlikely to affect demand but may impact on the speed of transactions in future months. It is imperative that buyers seek professional financial advice as part of planning a purchase and do not wait until they have found a property they like as they need to be in a position to proceed and meet the seller’s timescales."
Over the last twelve months London as a whole has seen a rise in average values of 12.4% making it the strongest performing area in the country. The average house in the capital now costs £414,490. For England and Wales as a whole, Land Registry figures show that the average prices is up by 5.6% over the last year to £ 169,124 although they are down compared with February.
Repossession volumes decreased by 31 per cent in January 2014 to 979 compared with 1,420 in January 2013.
The most up-to-date figures available show that during January 2014 the number of completed house sales in England & Wales increased by 46 per cent to 63,123 compared with 43,373 in January 2013.
The number of properties sold in England and Wales for over £1 million in January 2014 increased by 61 per cent to 1,011 from 628 in January 2013.
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
May 19, 2014