|Post-Brexit Vote W4 Property Market Challenges New Highs|
House prices in Chiswick averaging over a million again
Home values in Chiswick are showing no negative impact from the vote to leave the EU with prices climbing back to all time highs.
The average sale price in the W4 post code area during the third quarter of the year was over £1,000,000 rebounding from the previous quarter when stamp duty changes and uncertainty about the referendum hit the market.
The top priced property sold during the quarter was a house in Walpole Gardens which changed hands for £3,860,000.
However, one local agent says people should not be over-optimistic about the situation. Christian Harper of HarperFinn said, "Currently I thinks it's fair to state that even the resilient Chiswick property market is struggling.
"It's very easy to preach doom and gloom by quoting economists and some property journalists however, in truth, nobody knows what's around the corner. Just look at what the experts said about Trump. My personal view is that sellers should remain focused on differentials and not headline prices."
The main concern for local agents is the level of turnover in the market which is down by 60% compared with the same period last year. There have only been 81 sales reported during the third quarter and, although there may be some late transactions to be registered, this is one of the lowest totals for a three month period since the Land Registry started publishing numbers.
The Land Registry’s House Price Index is showing that the average price of a home sold in London in August was £488,908 which is up 12.1% over the same month last year. For the UK as a whole the index shows and average price of £218,964 up by 8.4% compared to the previous year.
The short term indications for the market appear to be positive. Mortgage approvals for house purchases rose to a three-month high in September according to the Bank of England, and RICS, the surveyors’ industry group, have reported that buyer inquiries were the highest since February. They say this indicates that market activity is recovering after a quieter period earlier in the year due to uncertainty over the referendum.
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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