The latest official figures from the Land Registry report a fall in Chiswick property prices.
After reaching record levels in the previous quarter, the average price of a home in W4 fell to £615,752 in the three months to the end of 2010. This is down by 8.0% on the previous quarter but still 10.1% up on the same period last year and demonstrates little indication of any bankers' bonus effect on property prices in W4.
"Welcome to the rollercoaster of house prices in Chiswick," says OliverFinn's Christian Harper.
"That's the best thing about working in an area that is so closely linked with the public's perception of the general condition of GB.Plc. The press were on the attack in the last quarter which is certainly a factor to consider whilst analysing the latest figures however we must not forget that Q4 is always the weakest quarter so we shouldn’t worry too much.
Average W4 property is £615,752
"I personally heard 'We will hold off until Spring 2012' a number of times. With the mortgage market being fairly tight and general doom and gloom I believe that the public simply chose to delay any sales or purchases which would account for the fall of volume in the same period last year' says Harper.
Newly instructed property is selling well and at good prices which is certainly encouraging: "Even though it is too early to be quoted, I feel that results of 2011 Q1 will put W4 well and truly back in the black for both pricing and volumes."
London as a whole remains by far and away the strongest area in the country in price terms with home values rising by 6.2% in December compared to the same month in 2009. The average London property now costs £342,325. For England and Wales as a whole property prices rose by 1.5% with many areas of the north seeing falling values over the year. The average home price in the U.K. is now £163,814.
Visit Chiswick's local website ChiswickW4.com, for the Official Land Registry
table for W4, property prices: October - December 2010
