Although transaction volumes have recovered they are still well below peak putting sellers in a good position to negotiate lower estate agent fees.
According to the latest figures from the Land Registry, as reported on
neighbourhood website www.ChiswickW4.com, the average price of a home sold in W4 during the second quarter was £660,470. This is 3.8% down on the first quarter but up by 5.6% compared with the same period last year. The annual rise in Chiswick comes at a time when property prices across much of the rest of the country are falling.
Although house prices fell marginally faster than flat prices in the latest quarter the longer term outperformance of this kind of property remained intact. Volumes are recovering with the number of sales in the quarter (169) 12.7% higher than the same three months in 2010. This is well above the levels seen during the dark days of 2008 but still just about half of the number of transactions that were taking place five years ago.
Sensible asking prices
OliverFinn's Christian Harper: "The latest factual figures are a good example of why headline figures quoted by national institutions cannot be either trusted nor used when pricing new stock. They confirm my thoughts that activity has returned to the flat market with a 9.3% increase in numbers sold whilst showing a slight drag of -3% in prices achieved.
Sellers should be mindful that sensibly priced stock is selling. This quarter should show a further improvement in both numbers sold and prices achieved, which I believe is due to a slight loosening in criteria with mortgage lenders.
"I am delighted that the flat market has showed such improvement this quarter which will continue to feed the terraced house market and in turn the semi and detached more exclusive markets."
The longer term reduction in volumes in the Chiswick market has caused some to wonder if the area can support the great number of estate agents. Recent years have seen a greater market share taken by local independent agents at the expense of national chains.
Silver lining
Christian Harper: "What a great time for potential sellers to heavily negotiate estate agent fees as we are all keen to secure instructions. Around97% of all buyers begin their search on Google and enter something similar to ‘estate agents in Chiswick’. In my opinion, no one should be paying their
Chiswick estate agent more than 1% of the asking price in the current market."
The June data from Land Registry's flagship House Price
Index shows an annual price decrease of -2.5 per cent which takes the average property value in England and Wales to £161,479. The monthly change from May to June is 0.0 per cent.
London is the only region in England and Wales to have experienced an increase in its average property value over the last 12 months with a movement of 0.8%. Over the same period property prices in the North East were down by 7.1%. This brings the average price in London to £339,480 compare to £161,479 in England and Wales as a whole.
OliverFinn operate a
flat fee system regardless of the size or value of the property.
Although transaction volumes have recovered they are still well below peak putting sellers in a good position to negotiate lower estate agent fees.
According to the latest figures from the Land Registry, as reported on neighbourhood website www.ChiswickW4.com, the average price of a home sold in W4 during the second quarter was £660,470. This is 3.8% down on the first quarter but up by 5.6% compared with the same period last year. The annual rise in Chiswick comes at a time when property prices across much of the rest of the country are falling.
Although house prices fell marginally faster than flat prices in the latest quarter the longer term outperformance of this kind of property remained intact. Volumes are recovering with the number of sales in the quarter (169) 12.7% higher than the same three months in 2010. This is well above the levels seen during the dark days of 2008 but still just about half of the number of transactions that were taking place five years ago.
Sensible asking prices
OliverFinn's Christian Harper: "The latest factual figures are a good example of why headline figures quoted by national institutions cannot be either trusted nor used when pricing new stock. They confirm my thoughts that activity has returned to the flat market with a 9.3% increase in numbers sold whilst showing a slight drag of -3% in prices achieved.
Sellers should be mindful that sensibly priced stock is selling. This quarter should show a further improvement in both numbers sold and prices achieved, which I believe is due to a slight loosening in criteria with mortgage lenders.
"I am delighted that the flat market has showed such improvement this quarter which will continue to feed the terraced house market and in turn the semi and detached more exclusive markets."
The longer term reduction in volumes in the Chiswick market has caused some to wonder if the area can support the great number of estate agents. Recent years have seen a greater market share taken by local independent agents at the expense of national chains.
Silver lining
Christian Harper: "What a great time for potential sellers to heavily negotiate estate agent fees as we are all keen to secure instructions. Around97% of all buyers begin their search on Google and enter something similar to ‘estate agents in Chiswick’. In my opinion, no one should be paying their Chiswick estate agent more than 1% of the asking price in the current market."
The June data from Land Registry's flagship House Price Index shows an annual price decrease of -2.5 per cent which takes the average property value in England and Wales to £161,479. The monthly change from May to June is 0.0 per cent.
London is the only region in England and Wales to have experienced an increase in its average property value over the last 12 months with a movement of 0.8%. Over the same period property prices in the North East were down by 7.1%. This brings the average price in London to £339,480 compare to £161,479 in England and Wales as a whole.
OliverFinn operate a flat fee system regardless of the size or value of the property.
