The less glamorous end of the Chiswick property market has been the best performing so far this year. The price of terraced houses and flats has reached an all-time high as reported by
local news website www.ChiswickW4.com.
According to Land Registry data for the second quarter the average price of a 'bog standard' terraced house in the W4 postcode area is now £1,295,957 a rise of 23.9% compared with the same period last year. This makes it the best performing type of residential property in the area having risen by 146.8% over the last decade.
Prices of flats have also continued to rise to new record levels with the market for this type of property being particularly active. The average unit sold during the period went for £579,761, up by 10.7% on the year.
Despite the strength in flat and terraced house prices the overall average remains below the peak of above the one million pound mark seen during the third quarter of last year. The average is now £938,467 up by 4.3% over the year. Relatively speaking the very top end of the market seems to be performing less well.
In addition the number of detached and semi-detached properties as a proportion of overall sales is falling with flats now making up nearly 60%. This means that the overall average price is not necessarily reflective of the actual state of the market but rather is being influenced by a change in the mix of properties sold.
Christian Harper, proprietor of
HarperFinn commented, "Driving around Chiswick I certainly think that more and more of us are deciding to capitalise on every square foot of potential and stay in our houses rather than to dip a toe into larger stamp duty, rising fixed rates and more top line debt. If this decline in number of houses being sold continues it may very force prices higher over the next 5 years which wouldn't be a good thing for the next generation of Chiswickians.
"However on the upside, I can’t see how 43 estate agents operating in Chiswick could stay in business at the fees that most of them currently charge."
Full story and table of Chiswick Property prices
here.
