The sharp fall in sales of family homes is likely to be reversed in the coming months, as reported on local news website
www.ChiswickW4.com.
The recent election result is likely to bring renewed confidence in the local property market, according to agents who say there is now a "definite mood" to buy property.
Chiswick house prices appeared to have marked time in recent months with political uncertainty leading to a fall in the number of transactions and a reduction in prices. During the first quarter of this year the average price of a home sold in the W4 post code area was £817,126, a 10% reduction from the same period last year.
The main driver of the fall in the average was a sharp reduction of sales of houses (as opposed to flats). The number of semi-detached and terraced houses sold in the area halved compared with the same three months in 2014.
Pre-election uncertainty
However, with uncertainty about a Mansion Tax and other proposals now put to rest with election of a Conservative majority government local agents how believe prices and activity will bounce back strongly.
Flats appeared to have maintained price levels throughout the recent months, with volume of flat sales remaining high. Prices for flats reached a new record level during the quarter with the average price reaching£563,625 up by 12.2% on the year.
The most expensive property reported so far as being sold during the quarter was a new build family house at Riverside Lodge on Chiswick Mall ,the former site of the Chiswick Maternity Hospital. It changed hands for £3,385,000.
Christian Harper of
HarperFinn: "We certainly witnessed a dramatic drop in activity and prices across the entire house market in the first quarter of this year. I agree that this was caused by uncertainty linked to rumours of Mansion Taxes, rent caps and various other schemes - to cover this country's inability to build quality houses to meet its growing population.
"However, as this election has shown, punditry about the future can be inaccurate so on this occasion I prefer to simply report on what has happened since 7th May. I am delighted to say that the market is certainly beginning to release. New good quality stock at competitive prices has generated higher demand than we have seen for months.” Read the full article.
