Market continues to rise despite economic uncertainty
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Despite widespread predictions that financial market uncertainty would derail the rise in local property prices the latest official data points to a continued rise at least up until the end of last year.
Have already reached record levels, the average price of a Chiswick property is up by 22.4% compared with the same period last year to £635,052. This rise in the market looks fairly broadly based unlike on previous occasions when it was high value transactions at the top end which drove the market upwards.
The strongest area within Chiswick appears to be Bedford Park with the average property in the W4 1 post code sector now costing now 906,882. Amazingly the average for a terraced property in the area is closing in on the one million pound mark at £930,226. There appears to be little impact from concerns about the Heathrow third runway overflying the area.
During the quarter 230 properties changed hands which was down slightly on the 248 seen during the same period last year.
The average price of a terraced property in Chiswick is up by 31.1% over the last year with flats rising at a more sedate 16.6%. On a three year view the rises have been more similar with both sections of the market up by around 50%.
| Property Price Changes in W4 to December 31st | |||
| - | Flats | Terraced | All |
| Last 12 months | 16.0% | 31.1% | 22.4% |
| Last quarter | 8.4% | 4.6% | 5.3% |
| Last three years | 48.5% | 50.3% | 57.6% |
Prices in London as a whole were up by 14.3% with the average property costing £354,625. London is seeing the highest levels of increase in the country.
House prices in England and Wales dropped by 0.4 per cent in December compared to November, taking the average price to £184,469. It is the first fall for England and Wales since August 2005. Over the year prices were up by 6.7%
The numbers are subject to revision as usually some properties are added late to the Land Registry's database.
W4 Property Prices - October to December 2007
| Area | Detached | Sales | Semi-Det | Sales | Terraced | Sales | Flat/Mais | Sales | All | Total Sales | |
| W4 1 |
0 |
0 |
1515000 | 10 | 930266 | 15 | 412119 | 13 | 906882 | 38 | |
| W4 2 | 0 |
0 |
922420 | 10 | 733536 | 29 | 408861 | 17 | 668703 | 56 | |
| W4 3 |
|
3 |
846618 | 18 | 712727 | 11 | 348259 | 28 | 582256 | 60 | |
| W4 4 |
0 |
0 |
1129500 |
8 |
£0 |
0 |
381397 |
18 |
611583 |
26 |
|
| W4 5 |
0 |
0 |
588875 | 4 | 648392 | 14 | 371359 | 32 | 466330 | 50 | |
| Total |
|
3 |
1020097 | 50 | 755710 | 69 | 377853 | 108 | 635052 | 230 |
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
February 22, 2008