The average W4 property price is close to record levels at £625,488.
Chiswick property prices have remained steady and close to record levels in the second quarter of 2010.
The average price in W4 is now £625,488, largely unchanged from the previous quarter, but up by 25% on the comparable period in 2009. Please visit ChiswickW4.co.uk to find price comparisons for Bedford Park , Corney Reach, the Grove Park area, Strand on the Green, west of Chiswick between the A4 and Chiswick High Road - (a high concentration of flats) and Acton Green.
Over the last three years prices are up by 18% although much of this rise is attributable to increased prices at the top end of the market. Flats and terraced houses have only risen marginally.
Oliver Finn's Christian Harper: "The market has certainly seen an almost 2007 level of activity. Asking prices, sealed bids and comments like 'we would like to view in 10 minutes so we don’t miss out' are commonplace in our office currently. Buyers' confidence has been at an all time high during the past quarter however due to the holiday season activity has certainly slowed in the last few weeks.
"It appears that medium term confidence is running high in many sectors which naturally provides a solid foundation to a stable and slowly increasing market in the residential property market," says Harper.
Higher prices, lower volumes
Prices almost doubled over the last decade although it is notable that volumes, despite having recovered from the lows seen during the financial crises, are nowhere near those seen ten years ago.
London overall experienced an increase of 12.2% in June compared to last year. In comparison to this, the figure for England and Wales as a whole was 8.4%. London’s house prices are now around the same levels they were three years ago. London's monthly change brings the average house price there to £338,027, while the average for England and Wales is £166,072.
Looking ahead some analysts are not optimistic that the current price strength will be maintained.
Miles Shipside, commercial director of Rightmove, comments, “The number of new mortgages being approved each month is less than half the number of new sellers, with the imbalance being exacerbated by the increase of nearly 50% in the number of properties coming to market compared to a year ago.
"More aggressive pricing is now the order of the day, which means that conditions are ripe for a strong buyers’ market in the second half of 2010. This is likely to see the average price gains of 7% for the first half of the year wiped out by year-end, in line with Rightmove’s original forecast for the year of no net change in prices”.
