High prices still being paid for well-located family homes in Chiswick

The latest residential property sales show that buyers are still prepared to pay multi-million pound prices for houses in the area despite Brexit related uncertainty.

According to figures from the Land Registry, six homes have changed hands in the W4 post code area for over £2,000,000 since the end of September.

These transactions include one in which £3,910,000 was paid for a Grade II listed detached house on Priory Avenue which was part of the original Bedford Park development.

One local estate agent said, "A lot of buying interest currently is coming from City of London types who are discounting the chances of us crashing out of the EU without a deal and view the current confusion as an excellent opportunity to acquire a top quality property in Chiswick."

The number of transactions remains at historical lows with only 63 sales reported so far in the fourth quarter of the year. Flat sales represented less than half of this total well below their usual proportion which may account for the average price recovering back over the million pound mark. Newly built flats also seem to be hard to shift with only units at the Chiswick 500 development recorded as being sold.

For the country as a whole house price growth according to the Nationwide House Price Index has slowed to just 0.5% in 2018, down from 2.6% in 2017. London has seen a decline in prices over the year with the average price declining by 0.7% to £466,988.

Robert Gardner, Nationwide's Chief Economist, said, “The economic outlook is unusually uncertain. However, if the economy continues to grow at a modest pace, with the unemployment rate and borrowing costs remaining close to current levels, we would expect UK house prices to rise at a low single-digit pace in 2019."

The Bank of England published figures showing a slump in mortgage approvals in November. Loan approvals for new house purchases dropped almost 5% to 63,728 — the lowest for seven months.

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Property Sales in Chiswick - October and November 2018

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Source: Land Registry

January 7, 2019