Property prices up 18% but sales slow


Mixed news for local agents in latest numbers

The latest set of figures from the Land Registry are showing a sharp rise over the last year with the price of the average property up by an impressive 18%

However at the same time volumes continue to be extremely depressed with only 135 properties changing hands during the three months to March 2005. This is just over half the level seen in the same quarter last year. Several agents have had to lay off staff and there are continued rumours of branch closures. The squeeze appears to be on the larger chains who anecdotally are losing market share to the nimbler local independent agents.

The rise in prices also needs to be treated with a degree of caution. The base for comparison is a period in the first quarter of 2004 when prices dipped only to recover soon after. Anyone who bought a house between January and March 2004 may have cause for celebration but prices on average are down over the last six months.

There is also a great deal of variation within the market. Whereas house prices have been strong flat prices actually fell over the last twelve months albeit marginally.

There was activity in the top end of the market with 5 houses in Chiswick changing hands for more than £1,000,000. Several very attractive properties in this bracket remain on the market including Said House which is being sold through Fletchers Estates and was recently feature in BBC's 'The Apprentice'.

Chiswick's million pound sales this quarter
Address Date Price
2, Marlborough Crescent, W4 1HF 02-Feb-05 £1,750,000 
38, Dukes Avenue, W4 2AE 21-Feb-05 £1,391,000 
42, Bath Road, W4 1LH 18-Mar-05 £1,299,500 
58, Grove Park Gardens,   W4 3RZ 13-Jan-05 £1,165,000 
62, Hartington Road, W4 3TU 28-Jan-05 £1,028,000 

The figures show that the average price of a Chiswick property is now £411,737. Prices in London rose by 9.83% over the last year and 10.27% for the country as a whole.

The decline in volumes already appears to be taking its toll with Chestertons going into administration. However, the residential side of this business is continuing to operate and no agent has closed its doors yet. According to one local agent some of their competitors have made only a couple of sales in Chiswick if that so far this year.

Property Price Data

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

Property Prices in Chiswick Jan-Mar 2005

Area
  Detached   Semi-Detached   Terraced   Flat/Maisonette   Overall
Av Price £ Sales Av Price £ Sales Av Price £ Sales Av Price £ Sales Av Price £ Sales
W4 1
0 0 1226900 5 566859 11 271785 14 539164 30
W4 2
0 0 667642 7 491277 9 275482 14 431724 30
W4 3
922750 4 477500 5 443122 10 255250 16 416963 35
W4 4
0 0 0 0 0 0 244090 11 244090 11
W4 5
0 0 466312 4 440714 7 234944 18 316525 29
Total - 4 717178 21 491166 37 255613 73 411737 135

Property Prices in Chiswick Oct-Dec 2004

Region/Area   Detached   Semi-Detached   Terraced   Flat/Maisonette   Overall
Av Price £ Sales Av Price £ Sales Av Price £ Sales Av Price £ Sales Av Price £ Sales
W4 1
1781666 3 0 0 658500 14 308727 10 653750 27
<
W4 2
0 0 879158 6 484163 19 233445 22 417230 47
W4 3
0 0 597100 15 463040 10 265336 23 410200 48
W4 4
0 0 523333 3 0 0 266141 23 295817 26
W4 5
0 0 477750 6 375588 17 233247 24 315945 47
Total   3 622265 30 490558 60 255343 102 407648 195

Property Prices in Chiswick Jul-Sep 2004

-Region/Area   Detached   Semi-Detached   Terraced   Flat/Maisonette   Overall
Av Price £ Sales Av Price £ Sales Av Price £ Sales Av Price £ Sales Av Price £ Sales
W4 1
0 0 957990 10 508888 20 278216 25 485692 55
W4 2
0 0 1035125 8 487801 27 341330 35 477116 70
W4 3
704750 6 613250 15 485758 23 242480 33 423396 77
W4 4
0 0 880833 3 0 0 268913 23 339519 26
W4 5
0 0 459325 6 394099 26 302829 51 342732 83
Total - 6 772812 42 466327 96 290617 167 417964 311

Source: Land Registry

Copyright notice: All figures in this article are based on data released by the Land Registry. The numbers are derived from analysis performed by ChiswickW4.com. Any use of these numbers should jointly attribute the Land Registry and ChiswickW4.com. Note these figures may differ slightly from numbers previously published on this site as the Land Registry has revised its historic data.

November 10, 2004



 

Related links
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Chiswick's Top Ten - the most expensive properties sold in W4

Full listing of homes sold in Chiswick

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Estate Agents in Chiswick

Faron Sutaria
Andrew Nunn and Associates

Winkworth
Fletchers Estates
Featherstone-Leigh
Borthwicks

Average Chiswick property costs £411,737

Chiswick prices up 2.2% in the quarter to March 2005 (Land Registry)

Chiswick prices up 18.0% over the last year compared to a 9.8% rise for London and a 10.3% national increase

Chiswick's Royalty Hit Hard

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