Already heady, Chiswick property prices have seen accelerated rises so far this year according to the latest official figures.
In the second quarter of 2013 sales prices in the W4 post code area averaged £825,587 as reported in
Chiswick's local website ChiswickW4.com. This is up by 18.2% on the same period last year and an all-time high by a significant margin.
Fifty six terraced houses sold during the period at an average of over £1,000,000 and the average price for all property in the
Bedford Park area is now over a million with flats in that part of Chiswick now averaging over £500,000.
A survey of local agents shows a consensus that a lack of stock is causing the precipitous price rises and some fear a possible bubble if the demand/supply imbalance remains.
Christian Harper of
Oliver Finn said, 'We have certainly seen an unforeseen leap in prices caused by a further lack of good quality stock. I forecast this rise in Q2 2013, if stock levels didn't improve, and it certainly came true. The most interesting rise is in the one/two bedroom flat market.
'Although I have been valuing property in Chiswick for over 20 years I have found it increasingly difficult to pin an exact figure on initial expectation. As an example I valued a flat at £350k that some agents valued at £325k. After a quiet initial marketing campaign we achieved £373k in sealed bids, some £50k over some agents expectations.
'This rise is very encouraging across the whole market however we all want to avoid the possibility of a sharp rise followed by an even sharper fall! It is suggested that we will see a 20% increase over the next two years and I would like to see a more balanced incremental rise to avoid the spikes.’
The sharp rises seen in Chiswick have been mirrored in other West and South West London post code areas where prices have also been hitting record levels. See the table of
Chiswick Property Prices (April - June 2013).
Fifty six terraced houses sold during the period at an average of over £1,000,000 and the average price for all property in the Bedford Park area is now over a million with flats in that part of Chiswick now averaging over £500,000.
A survey of local agents shows a consensus that a lack of stock is causing the precipitous price rises and some fear a possible bubble if the demand/supply imbalance remains.
Christian Harper of Oliver Finn said, 'We have certainly seen an unforeseen leap in prices caused by a further lack of good quality stock. I forecast this rise in Q2 2013, if stock levels didn't improve, and it certainly came true. The most interesting rise is in the one/two bedroom flat market.
'Although I have been valuing property in Chiswick for over 20 years I have found it increasingly difficult to pin an exact figure on initial expectation. As an example I valued a flat at £350k that some agents valued at £325k. After a quiet initial marketing campaign we achieved £373k in sealed bids, some £50k over some agents expectations.
'This rise is very encouraging across the whole market however we all want to avoid the possibility of a sharp rise followed by an even sharper fall! It is suggested that we will see a 20% increase over the next two years and I would like to see a more balanced incremental rise to avoid the spikes.’
The sharp rises seen in Chiswick have been mirrored in other West and South West London post code areas where prices have also been hitting record levels. See the table of Chiswick Property Prices (April - June 2013).
