However latest figures show average prices still challenge all-time highs

A warning to potential sellers not to delay putting their homes on the market has come from a Chiswick estate agent who warns there may be "tough times” ahead.

Christian Harper of Oliver Finn said September transaction levels were “dismal” compared to previous years but he was confident October would be better.

He was commenting on the most recent average sale price figures for W4 which showed Chiswick appeared to have bucked the national trend.

The average sale price since the beginning of June was £786,798 with 66 properties reported as changing hands so far.

The previous peak of the market was reached in the third quarter of 2011 when prices averaged £744,451.

However, Mr. Harper warned that there was no room for complacency and said that sellers should not simply assume there was an endless supply of buyers as all agents in Chiswick had noted a reduction in the numbers and speed of recent transactions.

“Although sealed bids and above asking price offers are still abundant, some slightly over priced stock is simply sitting on the shelf.  September was not a tremendous month as stock was short in supply and buyers appeared to still be focused on the Olympics. 

“Although only just begun, October is already proving to be ‘The Month’ of the autumn market so I advise any potential sellers to instruct agents without delay as I fear we may be facing some reasonably tough times over the next few quarters.

His comments come as the latest official figures for the local property market suggest that prices are once again challenging all-time highs.

Paul Connolly, Managing Director of Orchards of London said: 

 “The market has strengthened naturally across the board from houses to apartments and we believe that this will be the trend going forward. 

"As a business we have found that we have had an influx of the £1 million plus homes coming onto the market which might seem like a contradiction in relation to the statistics below, we believe that more of these properties will find their way on our books in due course.

 "Currently we have 22 properties over £1 million in W4, W5 and W3 on our books i.e. 25% of our stocks are properties over £1 million with more than 248 applicants actively looking at properties over the million pounds within these areas.

"Up to September this year we have sold nine properties over £1 million – one sale a month since January 2012.” http://www.orchardsoflondon.com

The average sale price since the beginning of June was £786,798 with 66 properties reported as changing hands so far.

The previous peak of the market was reached in the third quarter of 2011 when prices averaged £744,451.

During the period 16 properties sold for over £1,000,000 with the most expensive selling for £2,300,000 on Homefield Road.

The June data from Land Registry's flagship House Price Index shows an annual price rise of 0.9% which takes the average property value in England and Wales to £161,777.

London remains the best performing area in the country with prices rising by 6.3% to £359,476 over the same period.

The most up-to-date figures available show that during April 2012, the number of completed house sales in England and Wales decreased by 19 per cent to 41,244 compared with 50,721 in April 2011.

The number of properties sold in England and Wales for over £1 million in April 2012 decreased by 43 per cent to 468 from 825 in April 2011.

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June/July 2012 Property Sales in Chiswick

* Some properties excluded from this table at owners' request

Property sales in May 2012

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Source: Land Registry

January 4, 2013