Home on South Parade becomes Chiswick's third most expensive

Property prices in Chiswick may have scaled new heights in the fourth quarter of 2012 according to the latest official data.

Sales reported to the Land Registry in the W4 post code area since 1st October have averaged £750,456. If this level is sustained this would represent an all time high for the local market. The previous peak average was £744,451 reached in the third quarter of 2011.

The period also saw the third most expensive property sale in Chiswick and the most expensive outside Chiswick Mall with a home in South Parade changing hands for £5.3 million.

76 properties have been reported as changing hands to date in the fourth quarter of last year.

Of these, fourteen sold for over £1 million including the sale on South Parade in Bedford Park.

James Leslie of Turnham Green Terrace estate agent Faron Sutaria commented, "Chiswick’s exceptional lifestyle opportunities, super location and warm village feel all help to drive prices ever higher. Last year this resulted in buyers outnumbering sellers by 10:1 and this together with our unique marketing techniques enabled us to achieve numerous record prices for our clients. One of these was a house in Corney Road which through our internet and press coverage gained the accolade of ‘the most popular house in London’ receiving almost 12,000 web hits in one month!"

Christian Harper of Oliver Finn said, "It is always nice to see that the average price in Chiswick on an upward trend and I feel that 2013 may see a steady growth in this already fabulous figure which may prove to be frustrating for new buyers to the area whilst many of Chiswick's residents will sit back in their chairs with a smile.

"Upon reading the small print I still reserve slight caution to the usual 'guns blazing' January comment as this new high is heavily supported with healthy activity at the top end of the market which doesn't always reflect reality at the average market level. I feel that we all need to keep our eyes on financial activity across the pond as I am never surprised with the speed that bad news travels."

For 2013 Christian sees demand remaining strong for W4 homes but looks forward to stronger gains for the flat market as mortgages become easier to source for younger buyers.

Charles Lang of Chesterton Humberts on Chiswick High Road said, "While in the past, the Chiswick property market has shown itself to be highly resilient, we can not ignore the fact that we are not immune to global economics. As these figures show, the actual sale values which are being achieved are very strong, the issue which we have seen recently has been the lack of stock which is available on the market."

Matt Thompson, Associate Director at Featherstone Leigh said, "We have sold a few of those on the list (see below), the property in Eastbury Grove we marketed went well over the £999,950 asking price mark with eight offers at or above the million mark, resulting with the property selling for £75,000 over the asking price."

The November data from Land Registry's flagship House Price Index shows an annual price increase of 0.9 per cent which takes the average property value in England and Wales to £161,490. The monthly change from October to November is an increase of 0.3 per cent.

London continues to be the strongest area of the country in price terms with an increase of 5.9 per cent.

The most up-to-date figures available show that during September 2012, the number of completed house sales in England and Wales decreased by 21 per cent to 50,517 compared with 63,552 in September 2011.

The number of properties sold in England and Wales for over £1 million in September 2012 decreased by 19 per cent to 613 from 753 in September 2011.

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October/November 2012 Property Sales in Chiswick

* Some properties excluded from this table at owners' request

Property sales in October 2012

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Source: Land Registry

January 9, 2013