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Market back in the doldrums as Wallis House sales falter
The boost to the local property market seen in June seems to have quickly lost momentum according to the latest figures.
So far in the second quarter only six units at Barrett's Wallis House development have been recorded at the Land Registry as having been sold .
In the second quarter to date prices have fallen to an average of £316,413 but with only 16 transactions having taken place it is hard to determine the actual direction of prices. For the first time since 2006 a property in Brentford has changed hands for under £100,000.
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 30 of the units in the massive development have been sold so it remains to be seen whether the local market 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 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.
April 30, 2009