February numbers show 0.6% fall in Chiswick

Some agents believe the price fall has been more rapid but that the market is returning to "more sensible and affordable levels"

  • Average Chiswick property costs £383,029 according to Land Registry
  • According to hometrack the average property is £338,000
  • Chiswick prices up 22.3% in the year to Dec 2002 (Land Registry)
  • Chiswick prices down 6.3% in the latest quarter (Land Registry)
  • High end and flat prices weak - terraced houses still rising
  • Sales in Chiswick down 27% (hometrack)

The latest figures released by Hometrack show a 0.6% decrease in house prices for the February. However, some local agents believe that these figures do not truly reflect the current situation in Chiswick’s property market.

Chiswick prices were down 6.3% in the latest quarter of 2002 according to Land Registry numbers and anecdotal evidence suggests prices have fallen more so far this year. In the shadow of the possible Iraqi conflict, the market is experiencing a similar situation to the aftermath of September 11th with buyers adopting a ‘wait and see’ tactic. Due to fewer buyers and lower confidence, property prices have fallen further this year, some believe by as much as 7-8%.

For the last eight years property prices have grown further than average incomes (approx 4-5 times) year on year but at the same time interest rates have been falling from a high of 15% to 3.75%. The only limiting factor has been the amount buyers have been able to borrow (usually 3.5 times annual salary).

However, February shows some sign of a recovery with registered buyers up by 35%, new instructions up by 15% and overall market activity up by a massive 65% over January.

Signs of a market recovery?
Chiswick Property Prices Source: hometrack
Terraced £439,000 +0% £439,000 +0% £436,000 -1%
Semi-detached £502,000 +0% £502,000 +0% £502,000 +0%
Detached £659,000 +0% £659,000 +0% £659,000 +0%
Flat/Maisonettes £239,000 +0% £239,000 +0% £238,000 -1%
All Properties £340,000 -0.1% £340,000 +0.0% £338,000 -0.6%

Richard Douglass of Fletcher Estates believes that the price drop is the fallout from a market that ‘over-cooked’ itself last summer and thinks that the market is realigning itself to sensible and affordable levels again.

He said “What remains obvious to us is the desire to move to Chiswick and stay here which gives us the luxury of a strong home grown market. Chiswick has become a great area for people to move to having been priced out of their own areas further into Central London.”

“What is also interesting is that realistically priced property is selling as easily as ever, some even receive multiple offers and sealed bids – this in a market that many are sceptical about. It all comes down to sensible pricing and buyers looking at a home for a number of years instead of a vehicle to make a quick buck on. Prices will continue to rise as history has dictated, but now is an unusual opportunity in a market with a good choice of stock available.”

Fletcher Estates have such confidence in Chiswick’s property market that they are in the process of raising their profile and moving their sales office to the old Role East site on Turnham Green Terrace.

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