Wallis House revives activity in the local market

The local property market is facing a key test with units from the Barrett's Wallis House, Great West Quarter development coming to the market.

In June 70% of properties sold in the local area were from this development with the top priced one going for over £500,000. So far only 27 of the units in the massive development have been sold so it remains to be seen whether the local can digest these flats plus all the others soon to come to the market.

Unfortunately for local estate agents many of these sales will be directly from the developer and other transactions locally are few and far between.

The average price of a Brentford home was down by 3.8% to £315,467 in the second quarter of this year compared to the first quarter when the market reached an all-time high. This still represents an 11.2% increase on the level seen in the same April to June period last year.

The long term trend now shows a very clear gap between price growth in houses and flats in the Brentford area. The average terraced house rose in price by 47.9% over the last five years compared with a rise of only 2% for flats.

The average house price in England and Wales stands at £180,781 in June, which is a decrease from last month. House prices in these two countries have fallen for ten consecutive months.

The numbers quoted are based on Land Registry data. The numbers are subject to revision as there are usually some properties that are added late to the Land Registry's database.

Where do I live? Brentford TW8 postcodes are divided into three sectors, TW8 0xx, TW8 8xx and TW8 9xx. Broadly speaking, TW8 0xx covers areas east of Boston Manor Road, TW8 8xx goes west of Boston Manor Road, whilst TW8 9xx covers the areas to the north of the A4.

October 23, 2008