The Chiswick W4 property market appears to have reached yet new heights reports
local online news and community website www.ChiswickW4.com. The average price of a property reported to the Land Registry as sold in Chiswick since the beginning of October is over one million pounds.
There have been 98 transactions since that date in the W4 post code area at an average of £1,047,390.
The
Land Registry is due to release official numbers for the fourth quarter of 2013 in the second week of February but at this stage it looks like the market hit new highs towards the end of last year. Some local agents believe the average may fall below a million due to the tendency of higher priced sales to be processed more quickly.
The period includes the sale of Zachary House (pictured) sold by
Crayson for £6,850,000, the second most expensive residential property to change hands in Chiswick. If you exclude this from the average, prices would still appear to be at record levels although just under £1,000,000.
Pros and cons
The findings have not surprised local estate agents including
Christian Harper of Chiswick estate agent
OliverFinn: ‘Although I agree with the findings of the RICS unfortunately their data is already dated. The Chiswick market is positively BOOMING. I have seen at least a 10% increase so far this year due to a complete lack of stock.
"Asking prices 20% over previous records are still not high enough with 20 to 40 buyers falling over themselves making bids £100k over the asking price are not uncommon.
"Although this is good news for many, it is making buying in Chiswick more and more exclusive and unreachable to the majority. In my opinion prices will begin to slow over the next few months as more stock comes to the market and the number of buyers begins to level due to medium term concerns around interest rates and property taxation.
"I don’t consider a sudden drop to be on the cards, especially with a general election around the corner however if you plan to sell within the next couple of years, I would consider capitalising now, rather than waiting."
* Full story
here including a table detailing the properties sold in Chiswick during September/October 2013.
* Additional Chiswick property market analysis from
Peter Bolton King of
Royal Institute of Chartered Surveyors, and local estate agents including Christopher Bramwell of
Savills, Alastair Hilton of
Winkworths and Paul Connolly of
Orchards of London.
