|Brentford property prices up 57% in last 5 years|
Latest numbers show more recently rises have been muted
The latest numbers from the Land Registry show that Brentford property prices continues to mark time in the shorter term. The average price of a property in the TW8 area is now £290,199. Marginally less than it was three years ago but a healthy 57% up on a five year timescale.
Analysis of the figures show the volume of properties changing hands has fallen from peak levels. This flurry of activity in 2003 would appear to have falsely inflated property prices temporarily causing prices to stall for the next couple of years.
Julia Quilliam from Quilliams Property Services is confident that the downturn in volumes is temporary. She said, "usually during August the market dies down whilst children are off school and people on holiday, this year however the market continued and whilst a little slower, has been the best August we have experienced. Perhaps the reason for the market holding steady during the holiday period is due to the market being so bad last year and we are still catching up, or that traditional seasonal markets are not dominating peoples' busy lives to the same extent. Either way it is a very good sign and we are optimistic for a very promising autumn market."
Both semi and terraced house prices have performed better than flats with increases of 65% and 77% respectively. The large amount of new build flats may well have proved influential in the apparent drop in smaller property prices over the last 3 years with the large supply of flats making the pricing of these properties more competitive.
Brentford prices have risen more slowly than the rest of the UK with London prices up 8.2% over the last year and prices in England and Wales up 7.7%. Despite the recent rise in interest rates by the Bank of England, there have been no reports of a market slowdown.
The numbers quoted are based on Land Registry data from April to June 2006. The numbers are subject to revision as there are usually some properties that are added late to the Land Registry's database.
Brentford Property Prices, Apr - Jun 2006
Source: Land registry
August 31, 2006