The number of property sales in the Chiswick area appears to have fallen to the lowest level since records began - as reported on local W4 news website
ChiswickW4.com.
In the final quarter of last year just 90 properties were reported to the Land Registry as sold in the W4 post code area equating to one home a day. Sales volumes fell below levels seen during the financial crisis and although more transactions may yet be reported it is unlikely that the position will change significantly.
Local estate agent Andrew Nunn of
Andrew Nunn & Associates said of the current situation, 'In the world of chess you might say the property market is skirting around “stalemate”. Many buyers believe prices to be too high (along with buying costs such as stamp duty) and so are inclined to wait and see rather than compromise on the wrong property. On the other side many sellers can afford to wait for a “good price” because the cost of debt is so low and they have no plan for the equity once they sell.'
The majority of properties coming on to the open market are ex-rental and not ideal for owner-occupiers. The more hostile tax and regulatory environment for private landlords means there are fewer buyers for this sort of stock. Demand does seem to still exist for good quality, well located family homes that are sensibly priced and there is still activity at the top end of the market.
The Office of National Statistic's House Price Index reveals that the average price of a home sold in England and Wales was £219,544 in December 2016, up by 7.2%. Having consistently risen above the levels seen in the rest of the country, prices in London are now rising less quickly than average, and now stand at £484,000. This is the first time home values in the capital have underperformed the rest of the country since the financial crisis in 2008.
Read the
full article including a table of West London property prices listed by postcode.
