Chiswick property prices. Latest Land Registry figures
According to the latest figures from the Land Registry Chiswick property prices fell by 18.2% in 2019. Local estate agents say there is no cause for alarm, as reported by local news website ChiswickW4.com.
Christian Harper at Harper Finn said that the numbers might be used by speculative potential purchasers to drive a bargain, but not at the expense of sellers to whom he had the chance to talk.
The main reason for the sharp fall in the average price at the end of the year, is the inclusion of sales from the Pocket Living development. There have been 135 sales reported so far during the fourth quarter of 2019 in the W4 postcode area, of which 38 are in the tower block on Bollo Lane. This drove the overall average price down from around a million, to £780,898.
These small units were mainly priced between £300,000 and £400,000, substantially below average for the area. Excluding these, Chiswick property prices would still have been down over the year, but by low single digits.
The company that developed the Pocket Living tower on the site formerly occupied by G&R Removals, is 50% owned by the owner of NFL’s Miami Dolphins. There are 105 flats in the development, 90 of which are classed as affordable. This is because they are reserved for residents of London Borough of Ealing earning less than £90,000 per annum.
Despite the moribund market and the political and economic uncertainty that reigned at the end of last year, buyers were still prepared to pay high prices for large family homes in Chiswick. There were several multi-million pound sales, the costliest of which was a detached house on The Orchard that sold for £3.1million.
Local agents are detecting a pick-up in activity since the New Year, with the uncertainty of the election out of the way, and a decision on the future nature of our relationship with the EU coming closer.
Read the full story, with detailed postcode analysis of the W4 property market, and further comment from local estate agents Paul Cooney, Director of Horton and Garton and James Waight, Associate Director at John D Wood, both on Turnham Green Terrace.