|Further Rise in Brentford Property Prices|
But low volumes suggest slim pickings for estate agents
Despite global financial uncertainty and the Northern Rock crisis Brentford property prices have continued to rise according to the latest official figures.
The average private home in the TW8 area now costs £317,989 based on transactions during October and December 2007. This is up 5.6% on the last quarter and 15.7% on the previous year.
Flats performed best in price terms rising on average by 21.4% over the last year but over the last three years they have risen by only 4.9%
A major concern for local estate agents will be the low number of transactions on the market. There were only 70 properties changing hands during the course of the quarter. Flat sales were down by 22% compared with the same period last year.
No detached homes in Brentford and only eleven semi-detached properties changed hands during the quarter. According to official figures there are 141 detached houses in Brentford and over 1,000 semi-detached houses. Even allowing for the proportion of these properties that are not privately owned the lack of turnover in this kind of home is a concern.
Prices in London as a whole were up by 14.3% with the average property costing £354,625. London is seeing the highest levels of increase in the country.
House prices in England and Wales dropped by 0.4 per cent in December compared to November, taking the average price to £184,469. It is the first fall for England and Wales since August 2005. Over the year prices were up by 6.7%
Perhaps stock market volatility and rising oil prices may stop further rises before the end of the year but there is little sign of a price correction at the moment.
The numbers quoted are based on Land Registry data from October - December 2007. 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, October - December 2007
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.
Source: Land registry
February 28, 2008