The most recent official figures show average Chiswick property prices have dipped below one million pounds although the cost of flats continues to reach record levels, as reported on local news website
ChiswickW4.com.
The
Land Registry report shows that the average property price in the last quarter of 2014 was £896,761, with 183 homes changing hands. The cost of apartments in the area continued to rise to an all-time high average of £562,026.
At the top end of the market however, the number of detached and semi-detached houses sold is falling. Some agents are blaming this on fears about a possible Mansion Tax and changes to stamp duty.
Christian Harper of Chiswick estate agent
Harper Finn is not surprised to see a fall in average house prices but is delighted to see a much-needed boost in the flat market. “Many agents spend time trying to demonstrate their knowledge of the top tier of property prices disregarding ’the average'. In 25 years of experience I have learnt that the general market begins with activity in the flat market.
“Owners of flats typically upgrade to terrace houses, whose owners move to semi-detached houses and so on. I am very pleased to see these healthy building blocks for a more promising 2015 market."
Spinning, selling and stalling
However
Christian reports little positivity and a genuine reduction in new buyers: “So far this year most sales have been achieved by buyers who were unsuccessful in purchasing a property in 2014. These seasoned buyers make lower offers using the abundance of negative spin currently available such as Stamp Duty reform, mansion tax, the general election and world economics.
"If the strength of the flat market remains I feel that 2015 will continue on a fairly even keel - sensibly priced property will sell while poorly advised clients will stall. Lettings on the other hand could be this year’s buzzword.”
Read the
full article.
