Still no evidence of a price slump in the local area

Despite widespread doom and gloom over the economy and financial markets Chiswick property prices still seem to be holding their own.

An analysis of the latest sales show that the average price for a property changing hands in September was £594,295* one of the highest levels on record. Although too few properties have been reported for October to reach a conclusion two of those sold during the month have gone for over £1 million.

During the third quarter of the year prices rose by 7.9% compared to the previous three months. This put the average price of a Chiswick property for the period at £564,594.

One explanation for the apparent resilience of the market so far could be that the mix of properties being sold is changing with more family homes exchanged and fewer flats.

• September - £594,295
• August - £558,742
• July - £584,402
• June - £618,606
• May - £583,081
• April - £536,945

The May figures exclude the £12,500,000 sale of Jasper Conran's home on Chiswick Mall the most expensive ever in W4.

Christopher Simon, Sales Manager at Faron Sutaria Estate Agents told ChiswickW4.com "The trend we have noticed is the realisation by the Vendors of houses and larger properties in Chiswick that the market had adjusted and hence in late August and early September, Vendors of such properties both reduced asking prices and accepted offers they had previously refused. Therefore, these figures reflect instead that more large properties sold instead of smaller flats during these months.

"Our experience shows us that the decline in price per square foot is broadly in line with the London market and where Vendors are realistic about the price of their property, sales are being agreed."

The table below shows the details of individual property transactions in the Chiswick area most recently reported to the Land Registry.

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* Number later revised up to £611,249

Property sales in August 2008

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Source: Land Registry

January 27, 2009