Thameside houses snapped up in otherwise moribund market
People still willing to pay large sums to live on Strand on the Green
Turnover levels for Chiswick property continue to go from bad to worse with the number of sales once again reaching historic lows.
During the second quarter of this year only 68 transactions have been reported to the Land Registry extending a period of exceptionally low activity that has now lasted for two years. 68 was the lowest ever recorded number of sales in a quarter in March 2009 at the height of the financial crisis. The latest figures are likely to be revised upwards as late reported sales are added.
However, it is not all bleak for local estate agents with continued demand for properties in prestigious locations particularly those by the river. Over £3million was paid for homes with views of the Thames on Hartington Road and Strand of the Green. The top price paid during the period was £4.250,000 for a large detached house on Vanbrugh Road.
In all eight out of the 68 sales were for properties selling for £2million or more. By contrast there have been no newly built flats reported as being sold so far this year.
James Waight, Associate Director, at John D Wood on Turnham Green Terrace said, "The market in Chiswick continues to be affected by wider political uncertainty. There is still a strong demand, however, buyers are being far more cautious when making offers. Prime properties continue to sell quickly, mainly due to the limited availability of similar properties. We sold a house on St. Albans Avenue that was agreed within two weeks of marketing. Lower transaction levels seem likely to remain until we have some clarity over Brexit or Mr Johnson decides to make some sweeping changes to stamp duty."
Another local property market practitioner commented on the figures by saying, "They aren't going to be building new houses by the river or large family houses in the Chiswick area so, despite some of the worst conditions for the property market I can remember, there are always ready buyers for these when they come on the market. Aside from this kind of property the market is all but dead."
Judging price trends with volumes at such low levels is difficult and the preponderance of larger houses in the sale numbers has a distorting affect. The average price of a home in the W4 postcode area in the second quarter of the year according to the Land Registry was £955,405 up by 8.2% over the last year. However, during the same period the average price of a terraced house in Chiswick was down by 5% over the same period and flat prices fell by 21.7%
According to the Nationwide House Price Index the average sale price in London was £465,722 down by 3.8% in the second quarter compared to the previous three months. Over the last year prices are down by 0.7% This is the eighth consecutive quarterly decline for London in a row. Moreover, prices in the capital are still only around 5% below the all-time highs recorded on Q1 2017 and c50% above their 2007 levels (by comparison, UK prices are only around 17% higher over the same period).
For the UK as a whole the average sale price was up by 0.4% over the last year to £215,910 with Northern Ireland seeing the strongest performance.
Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said, “Survey data suggests that new buyer enquiries and consumer confidence have remained subdued in recent months. Nevertheless, indicators of housing market activity, such as the number of mortgages approved for house purchase, have remained broadly stable.
“Housing market trends are likely to continue to mirror developments in the broader economy. While healthy labour market conditions and low borrowing costs will provide underlying support, uncertainty is likely to continue to act as a drag on sentiment and activity, with price growth and transaction levels remaining close to current levels over the coming months.”
The RICS UK Residential Market Survey for the second quarter concluded, “Although anecdotal commentary from respondents remains generally a little downbeat, contributors reported a rise in buyer demand, that new instructions have held steady, and that newly agreed sales also edged into positive territory for the first time in twenty-eight months.”
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|Chiswick Property Prices - (April - June 2019)|
|Sales||Overall Ave||Total Sales|
|Change in Quarter||201.3%||-50.0%||22.2%||-46.7%||5.2%||-49.0%||-22.9%||-15.0%||-3.9%||-35.8%|
|Change in year||372.2%||0.0%||31.9%||-42.9%||-5.0%||-49.0%||-21.8%||-67.3%||8.2%||-59.5%|
|Change in three years||236.6%||-50.0%||21.6%||100.0%||-2.1%||-3.8%||-7.8%||-49.3%||23.2%||-31.3%|
|Change in five years||153.1%||-75.0%||10.1%||-69.2%||10.8%||-56.1%||-1.1%||-57.0%||6.1%||-59.0%|
|Change in ten years||254.4%||-66.7%||99.8%||-50.0%||76.6%||-41.9%||66.5%||-43.3%||80.3%||-44.3%|
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
August 5, 2019