Chiswick Property Remains in Short Supply

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Price spike feared as post-election surge in transactions fails to materialise

The amount of property coming to the market in Chiswick continues to decline despite expectations that sales were being postponed until after the election.

Estate agents had been hopeful that once the period of political uncertainty had passed, particularly with regard to the possible 'mansion tax', sellers would be quick to bring properties to the market. However, there are strong indications that sales volumes have continued to be depressed having fallen by nearly 30% year on year in the first quarter.

Alastair Hilton of Winkworth says, 'Predicted massive interest in houses following the election hasn’t materialised. Instead, we are finding that there are strong buyers who are motivated, but they are careful about what houses they offer on. In general, houses that either need a complete refurbishment or that are beautifully presented are attracting the offers.'

Only 19 properties have been reported to the Land Registry as being sold in the W4 post code area since the beginning of April, thirteen of which changed hands for over £1 million. The highest price paid was for a six bedroom semi-detached house on Dukes Avenue that went for £3,550,000. The former home of artist Joseph Gandy on Grove Park Terrace was sold for £2,075,000.

Philip Pike of Faron Sutaria is urging potential vendors to take advantage of the current market conditions saying, 'As the confidence has returned to the local housing market, post-election, the level of buyers has steadily risen. The number of houses being placed on the market has also increased slightly, though not enough to keep up with the increase in demand. This is creating a seller's market, so anybody thinking of moving from Chiswick in the next year or so, may wish to considering bringing their plans forward a bit to take advantage of these local conditions.'

Christian Harper of HarperFinn does thing supply has improved since the election commenting, 'Finding a quality property to buy in Chiswick has been like looking for hen's teeth so far this year however since the election things have become easier. I believe that we are on the start of 10% increase curve for the remainder of 2015 which has encouraged sellers to sell and buyers to buy.  I say this with slight caution as the market tends to quieten as we approach summer holidays however, "Stand By for September", I think it's going to be busy!'

Alastair Hinton continues to see strength in the prices of flats which were the best performing asset type in W4 in the year to March. He said, 'Apartments are in massive demand and have been all year. We’ve seen an increase in demand for all flats and the prices that buyers will pay have certainly increased since the beginning of the year. Partly this is down to the perennial issue of not enough stock on the market in Chiswick.'

The Royal Institute of Chartered Surveyors (RICS) UK Residential Market Survey for May 2015 shows that a post-election supply bounce has failed to materialise as London sees fourth consecutive monthly fall in supply. Almost a third more London surveyors have seen supply of new homes for sale drop. As a consequence house prices appear to be on the rise again with 49% more surveyors expecting prices in the capital to rise over the next three months.

House prices in London rose again in May at a quicker pace than in April as the number of homes per surveyor remained close to historic lows according to RICS.

In the lettings market, tenant demand in London increased again in May (on a non-seasonally adjusted basis) and in the process is continuing to run ahead of supply with respondents anticipating rents will rise 2.6% over the next 12 months.

Simon Rubinsohn, RICS Chief Economist, said: “There had been some hope that the removal of political uncertainty would encourage more properties onto the market but the initial indications are that this is not proving to be the case. As a result, it is hardly surprising that prices are continuing to rise – with the reality meaning that properties are not going to become more affordable any time soon."

April data from the Land Registry shows that the annual price increase in London was 10.9% still well ahead of the rest of the country. The average price in the capital is now £474,544. For England and Wales there was an annual price increase of 5.1% which takes the average property value to £179,817 compared with the peak of £181,014 in November 2007.

The number of completed house sales in England and Wales decreased by 17% to 54,103 compared with 64,994 in February 2014. The number of properties sold in England and Wales for over £1 million decreased by 18% to 722 from 882 a year earlier. Repossessions in England and Wales decreased by 37% to 638 compared with 1,016 in February 2014. In London repossession sales fell by 45% to just 56 properties.

However, the Office for National Statistics (ONS) has produced data which contradicts this with London prices rising by just 4.3% in the year to April the lowest growth rate in two-and-a-half years and below the national average.

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February/March/April 2015 Property Sales in Chiswick

Deed Date	Address	Price (£)
24/04/2015	13 Fielding Road, W4 1HP	2,100,000
24/04/2015	22 Watchfield Court, Sutton Court Road, W4 4NB	460,000
22/04/2015	30 Hamilton Road, W4 1AL	1,060,000
17/04/2015	2 Ramillies Road, W4 1JN	1,625,000
17/04/2015	25 Barrowgate Road, W4 4QX	270,000
17/04/2015	86 Rothschild Road, W4 5NS	1,150,000
16/04/2015	4 Strand On The Green, W4 3PQ	2,100,000
16/04/2015	58 Grove Park Terrace, W4 3QE	2,075,000
15/04/2015	Flat 6, Autumn Rise 14a, Sutton Court Road, W4 4NG	545,000
10/04/2015	Flat 7, Sutton Court Mansions, Grove Park Terrace, W4 3JH	620,000
10/04/2015	21 Alfred Close, W4 5UW	450,000
09/04/2015	45 Strand On The Green, W4 3PB	2,650,000
09/04/2015	64 Strand On The Green, W4 3PF	3,150,000
08/04/2015	1, St. James Court, Brooks Road, W4 3BB	960,000
07/04/2015	38 Flanders Road, W4 1NG	1,100,000
02/04/2015	3 The Avenue, W4 1HA	2,485,001
02/04/2015	74 Dukes Avenue, W4 2AF	3,550,000
02/04/2015	7 Bridgman Road, W4 5BA	1,350,000
01/04/2015	73 Duke Road, W4 2BN	1,290,000
31/03/2015	Flat A, 100 Turnham Green Terrace, W4 1QN	400,000
31/03/2015	13 British Grove, W4 2NL	1,545,000
30/03/2015	33a Somerset Road, W4 5DW	746,000
27/03/2015	36 Brookfield Road, W4 1DJ	815,000
27/03/2015	3 Boston Gardens, W4 2QJ	1,100,000
27/03/2015	50 St. Thomas Road, W4 3LD	295,000
27/03/2015	47 Oliver Close, W4 3RL	675,000
27/03/2015	Flat 13a, Arlington Park Mansions, Sutton Lane North, W4 4HE	461,000
27/03/2015	Flat 1, 40 Cambridge Road South, W4 3DA	362,500
25/03/2015	8, Heathfield Court, Heathfield Terrace, W4 4LP	699,999
24/03/2015	176 Chiswick Village, W4 3DG	395,000
23/03/2015	20 Flanders Road, W4 1NG	1,075,000
23/03/2015	103 Staveley Gardens, W4 2SE	569,500
20/03/2015	22 Hatfield Road, W4 1AF	1,151,053
20/03/2015	19 Merton Avenue, W4 1TA	1,000,000
20/03/2015	4 Wellesley Road, W4 4BL	2,110,010
20/03/2015	9, Heston House, 30 Wellesley Road, W4 4BN	385,000
20/03/2015	17 Clement Close, W4 5SS	362,000
19/03/2015	9 Airedale Avenue, W4 2NW	2,650,000
18/03/2015	45 Sutton Court, Fauconberg Road, W4 3JE	480,000
16/03/2015	8 Linden Gardens, W4 2EG	1,430,000
13/03/2015	4 Alexandra Gardens, W4 2RY	360,000
13/03/2015	59 Alexandra Gardens, W4 2RZ	400,000
13/03/2015	28 Chiswick Village, W4 3BY	380,000
13/03/2015	22 Barrowgate Road, W4 4QY	842,500
13/03/2015	74 Rothschild Road, W4 5NR	920,000
13/03/2015	Ground Floor Flat, 36 Weston Road, W4 5NJ	600,000
12/03/2015	Flat 50, Dewsbury Court 44-66, Chiswick Road, W4 5RA	300,000
11/03/2015	14 Crofton Avenue, W4 3EW	1,500,000
09/03/2015	12 Burlington Road, W4 4BG	847,000
09/03/2015	35 St. Albans Avenue, W4 5LL	1,160,000
06/03/2015	20a Sutton Lane North, W4 4LD	425,000
06/03/2015	32 Somerset Road, W4 5DN	790,000
02/03/2015	86b Thornton Avenue, W4 1QQ	600,000
02/03/2015	177 Staveley Gardens, W4 2TB	570,000
02/03/2015	5 Grove Park Mews, W4 3RR	562,500
27/02/2015	6 Merton Avenue, W4 1TA	1,220,000
27/02/2015	4a Bolton Road, W4 3TB	1,305,075
27/02/2015	45 Bollo Lane, W4 5LS	850,000
27/02/2015	Flat 2, 42 Cambridge Road South, W4 3DA	650,000
23/02/2015	22 Staveley Gardens, W4 2SA	599,950
23/02/2015	Flat 1, 42 Grosvenor Road, W4 4EG	645,000
20/02/2015	7b Linden Gardens, W4 2EG	566,000
20/02/2015	39, Pinkham Mansions, Brooks Road, W4 3BQ	434,950
19/02/2015	36 Fairlawn Grove, W4 5EH	1,540,000
18/02/2015	149 Chiswick Village, W4 3DG	550,000
18/02/2015	35 Kingswood Road, W4 5EU	1,269,750
16/02/2015	126 Duke Road, W4 2DF	997,500
16/02/2015	39 Wilton Avenue, W4 2HX	685,000
16/02/2015	16a Montgomery Road, W4 5LZ	569,000
13/02/2015	49 Speldhurst Road, W4 1BY	955,000
13/02/2015	43 Glebe Street, W4 2BE	1,121,000
09/02/2015	21 Esmond Gardens, South Parade, W4 1JT	775,000
09/02/2015	44 Alwyn Avenue, W4 4PB	1,455,000
09/02/2015	84 Antrobus Road, W4 5NQ	1,176,500
06/02/2015	3 Whellock Road, W4 1DY	600,000
06/02/2015	5b Devonshire Road, W4 2EU	825,000
06/02/2015	48 Alwyn Avenue, W4 4PB	1,780,000
06/02/2015	39 Fairlawn Grove, W4 5EJ	580,000
04/02/2015	70, Heathfield Court, Heathfield Terrace, W4 4LS	490,000
02/02/2015	Flat 7, St. Andrews Court, 17 Bolton Road, W4 3TE	500,000

 

Property sales from January 2015

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Source: Land Registry

June 20, 2015