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February numbers show 0.6% fall in Chiswick
Some agents believe the price fall has
been more rapid but that the market is returning to "more sensible
and affordable levels"
-
Average
Chiswick property costs £383,029 according to Land
Registry
- According
to hometrack the average property is £338,000
-
Chiswick
prices up 22.3% in the year to Dec 2002 (Land Registry)
-
Chiswick
prices down 6.3% in the latest quarter (Land Registry)
-
High
end and flat prices weak - terraced houses still rising
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Sales
in Chiswick down 27% (hometrack)
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The
latest figures released by Hometrack show a 0.6% decrease in house
prices for the February. However, some local agents believe that
these figures do not truly reflect the current situation in Chiswick’s
property market.
Chiswick prices were down 6.3% in the latest quarter of 2002 according
to Land Registry numbers and anecdotal evidence suggests prices
have fallen more so far this year. In the shadow of the possible
Iraqi conflict, the market is experiencing a similar situation to
the aftermath of September 11th with buyers adopting a ‘wait and
see’ tactic. Due to fewer buyers and lower confidence, property
prices have fallen further this year, some believe by as much as
7-8%.
For the last eight years property prices have grown further than
average incomes (approx 4-5 times) year on year but at the same
time interest rates have been falling from a high of 15% to 3.75%.
The only limiting factor has been the amount buyers have been able
to borrow (usually 3.5 times annual salary).
However, February shows some sign of a recovery with registered
buyers up by 35%, new instructions up by 15% and overall market
activity up by a massive 65% over January.
'
Signs of a market recovery? |
|
|
December |
January |
February |
|
Ave
Price
- |
Ave
Price
- |
Ave
Price
- |
| £439,000 |
+0% |
£439,000 |
+0% |
£436,000 |
-1% |
| £502,000 |
+0% |
£502,000 |
+0% |
£502,000 |
+0% |
| £659,000 |
+0% |
£659,000 |
+0% |
£659,000 |
+0% |
| £239,000 |
+0% |
£239,000 |
+0% |
£238,000 |
-1% |
| £340,000 |
-0.1% |
£340,000 |
+0.0% |
£338,000 |
-0.6% |
Richard
Douglass of Fletcher Estates believes that the price drop is the
fallout from a market that ‘over-cooked’ itself last summer and
thinks that the market is realigning itself to sensible and affordable
levels again.
He said “What remains obvious to us is the desire to move to Chiswick
and stay here which gives us the luxury of a strong home grown market.
Chiswick has become a great area for people to move to having been
priced out of their own areas further into Central London.”
“What is also interesting is that realistically priced property
is selling as easily as ever, some even receive multiple offers
and sealed bids – this in a market that many are sceptical about.
It all comes down to sensible pricing and buyers looking at a home
for a number of years instead of a vehicle to make a quick buck
on. Prices will continue to rise as history has dictated, but now
is an unusual opportunity in a market with a good choice of stock
available.”
Fletcher Estates have such confidence in Chiswick’s property market
that they are in the process of raising their profile and moving
their sales office to the old Role East site on Turnham Green Terrace.
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