|'Insatiable' Demand For Property In Chiswick
Local agents confident despite average price dipping below £700,000
A local estate agent has said there is an "insatiable" demand for unmodernised properties in convenient locations of Chiswick while others warn that prices will rocket due to a diminishing supply of homes on the market.
The comments come as the latest figures show that Chiswick prices appear to have remained stable, although the average sale price has dipped slightly below £700,000.
Of the 53 sales in the W4 post code area reported so far to the Land Registry in 2013 the average price has been £698,879. Of these nine have changed hands for over £1,000,000, the most expensive of which was on Dukes Avenue costing its new owners £2,150,000.
Christopher Bramwell, head of Savills, Chiswick commented that they were seeing a ' trickle' effect of buyers moving from Notting Hill and Kensington west towards Chiswick .
"We have recently achieved record prices for houses in Bedford Park and along Chiswick riverside, there is an insatiable demand for un-modernised houses in convenient locations.”
“Having lagged behind the price increases seen in more central London locations in the last 12 months, there are signs that certain sectors of our market in prime West London are now not only catching up, but forging ahead, narrowing the differential that had previously emerged.
" Meanwhile, the market above £4,000,000 is also seeing something of a renaissance as landmark instructions are attracting significant interest from buyers, be they local up-sizers or international buyers taking advantage of the price differential from the sale of their central London properties."
Christian Harper of Oliver Finn agents said that prices had "rocketed" as demand exceeds supply in Chiswick. "Although the latest figures show a slight reduction in prices across London I am happy to report a far contrast in real terms for Q1 2013 in terms of prices actually achieved compared to Q4 2012. Prices have rocketed in W4 as demand far outstretches supply. I expect to see at least a 10% increase in Land registry figures over the next couple of months.
"My primary concern is the complete lack of supply. If supply continues to drip feed the market I predict that prices will continue to rise on a sharp elevation which has the potential to replicate the conditions of the early 1990's, which none of us want. Fortunately it looks highly unlikely that interest rates will rise, which will assist in preventing catastrophe.
"Although as a Chiswick resident I am personally pleased with an increase in my house value I would prefer to see more supply and be able to report a much slower growth pattern which I believe to be much more sustainable."
Matt Thompson of Featherstone Leigh said: "There is a lack of supply in Chiswick for good family houses which has caused prices to rise, I expect this will be seen in the land registry figures in the coming months (due to the three month delay). Lending still is quite tight with the “deposit heavy buyers” benefitting the most from beneficial rates which still creates a difficult entry into the market at the lower level for first time buyers."
According to the Land Registry, London property prices continue to lead the rest of the country rising by 6.3% in February compared with the same month in 2011. The average price of a home in the capital is now £370,819. This is down slightly on the previous month. For England and Wales as a whole over the same period average prices rose by just 1.0% to reach £162,606.
The most up-to-date figures available show that during December 2012, the number of completed house sales in England and Wales decreased by 15 per cent to 53,860 compared with 63,600 in December 2011. The number of properties sold in England and Wales for over £1 million in December 2012 increased by 19 per cent to 598 from 501 in December 2011.
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January/February 2013 Property Sales in Chiswick
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Source: Land Registry
June 11, 2013