Who Wants to be Half a Millionaire?

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That's what you now need to buy the average home in Chiswick

A renewed surge in Chiswick property has driven prices to a new all-time high. According to figures from the Land Registry home values in W4 rose by 15.1% in the latest quarter. The average Chiswick property now costs £523,022.

Chiswick outperformed the rest of the capital. The average price of a London property is now £330,838 up 10.2% over the same period last year. Across England and Wales prices rose by 8.7%

The news is even better if you own property in Bedford Park. The W4 1 post code area now has an average price of £652,298.

Flats have lagged other properties over the last year rising by just under 10% but terraced houses continue their strong performance matching the overall strength of the market. Greater liquidity in the market for detached and semi-detached homes also contributed to the rise.

The continued rise of the property market may have been a fact in prompting the Bank of England to increase the base rate by a quarter of a per cent recently to 5% Although the rise may seem nominal the level of gearing of many mortgage holders may mean that payment becomes more difficult.

Volumes have recovered from previously depressed levels, up by nearly 10% from the same period last year, but agents still are generally talking about a shortage of good properties.

Christine Fox of Faron Sutaria on Turnham Green Terrace said of the current market, "Viewing levels have not dipped all year - even through the summer. Number of applicants is at spring levels. Agreed business is at record levels. If you are considering selling in the new year let us prepare photographs and floor plans before the xmas trees and decorations go up and we will be ready for the new year."

Christian Harper of Oliver Finn said, “This year is set to become a record breaking year for the London property market and for Chiswick in particular.  Borrowing is still relatively cheap, so people are not afraid to take on greater mortgage debt to finance the home of their dreams.  City bonuses and foreign investment have also seen housing demand soar in recent months.  With the next round of city bonuses expected to be one of the highest ever, the demand for good family homes will continue to rise well into 2007." 

Nick Finn at believes that the number of top quality new restaurants opening in the area which has led to Chiswick being dubbed the 'New Notting Hill' has resulted in a new wave of buyers. He reports that any new property on the market is swamped with buyers and receives an offer very quickly. This lack of properties has meant that estate agents have become desperate for properties and are therefore quoting high valuation prices in order to secure a property. Although these prices seem very high when they first come on the market, it doesn't take long before similar properties come on for similar values, therefore making them all seem "about right". These then sell, and the next valuation done on the street will be that price plus a little more.

He said, "The bottom line is that Chiswick has now become a super desirable area, and there aren't enough properties for the number of people that want to live here. When or if this bubble bursts I can't be sure of, but if I had a property to sell I would definitely "make hay while the sun shines" and take advantage of this het up and hectic market."

Chiswick Property Price Rises
One Year	15.1%
Three Years	39.6%
Five Years	40.5%
Ten Years	264.3%

The numbers quoted are based on Land Registry data from July - September 2006. The numbers are subject to revision as usually some properties are added late to the Land Registry's database.

W4 Property Prices - July - September 2006

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	2100000	4	1048166	15	697522	20	310859	37	652298	76
W4 2	0	0	1203795	10	534109	22	332052	19	590143	51
W4 3	1187500	4	845500	20	521353	35	282327	30	543563	89
W4 4	0	0	1018750	6	0	0	283882	34	394112	40
W4 5	0	0	425280	5	532722	22	275728	39	372722	66
Overall	-	-	944,810	56	562,304	99	293,622	159	523,022	322

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

April 5, 2007