Property price rises in Chiswick appear to have lost momentum with the latest official figures showing them to be broadly unchanged for the last 9 months, as reported by community news website
ChiswickW4.com. The overall average in the W4 post code area remained above £900,000 in the second quarter of 2014, according to the Land Registry, almost the same as the level seen in the previous two quarters and close to the all-time high. Compared with a year ago prices are up by 9% a slower rate of increase than has been seen in the rest of London.
There is one section of the market continuing to see uplift. The value of flats has increased by 23.4% over the last year. The average apartment now costs £523,586 – a new all-time high. Local estate agents are generally more cautious and opinion is divided as to whether the market has peaked. Higher interest rates and political uncertainty is likely to lead to declines or to level out, with prices stabilising at current levels for the foreseeable future.
Average property prices in London as a whole are within a whisker of breaking the half million pound barrier for the first time, latest official figures show. They rose by 19.3 per cent to £499,000 - more than 11 times the average full-time London salary of £43,866 - in the year to June, according to the Office for National Statistics.
Despite the sharp rise, there are some signs of the widely anticipated cooling in the market as the rate of increase is down from the 20.1 per cent peak recorded in May. The ONS data lags the actual deals by several months.
In my opinion, a £900,000 average for Chiswick property is on the high side of sensible and should this tip over £1million. I think we will have some bigger problems in the future, namely a sudden drop. The activity this year has been mind-blowing in terms of demand and achievement of asking prices however things have certainly changed.
I believe that Mark Carney’s speech suggesting that interest rates would increase and property prices needed to cool to avoid intervention, was a clever ‘hand brake’ to a market that could be likened to a child being left in a sweet shop.
"Prices never go down in Chiswick"
I regularly hear this type of comment. However I can now factually state that prices have slightly reduced in Chiswick in the last quarter and Land Registry data will evidence this in six months time. The market will stabilise over the next 18 months with perhaps a 1-2% increase rather than the heavily reported potential fall.
The days of 15% over asking price in sealed bids are parked for now whilst we can all enjoy a level of stability in the market. The average price of property in London as a whole, during the month of June was £437,608, which is up by 16.4% compared with the same month in 2013.
Here is a table of Chiswick property prices – April – June 2014. It gives a
postcode-by-postcode breakdown of prices by property type.
Christian Harper FNAEA, MARLA
020 3137 2802 (direct line)
christian.harper@harperfinn.co.uk
In my opinion, a £900,000 average for Chiswick property is on the high side of sensible and should this tip over £1million. I think we will have some bigger problems in the future, namely a sudden drop. The activity this year has been mind-blowing in terms of demand and achievement of asking prices however things have certainly changed.
I believe that Mark Carney’s speech suggesting that interest rates would increase and property prices needed to cool to avoid intervention, was a clever ‘hand brake’ to a market that could be likened to a child being left in a sweet shop.
"Prices never go down in Chiswick"
I regularly hear this type of comment. However I can now factually state that prices have slightly reduced in Chiswick in the last quarter and Land Registry data will evidence this in six months time. The market will stabilise over the next 18 months with perhaps a 1-2% increase rather than the heavily reported potential fall.
The days of 15% over asking price in sealed bids are parked for now whilst we can all enjoy a level of stability in the market. The average price of property in London as a whole, during the month of June was £437,608, which is up by 16.4% compared with the same month in 2013.
Here is a table of Chiswick property prices – April – June 2014. It gives a postcode-by-postcode breakdown of prices by property type.
Christian Harper FNAEA, MARLA
020 3137 2802 (direct line)
christian.harper@harperfinn.co.uk
