|Brentford Property Prices Reach All-time High|
But number of transactions halves leading to market anxiety
The trend of a steady rise in Brentford property values on thin volumes appears to be continuing according to the latest official numbers which show TW8 property at a new all-time high in the first quarter of this year.
The average private home in the TW8 area now costs £328,093 based on transactions during January to March 2008. This is up 5.6% on the last quarter and 15.7% on the previous year.
The most striking aspect of the data released is the collapse in the volume of sales which are just over half what they were in the same period last year.
With several new developments due to come to the market it is possible that developers will have a hard time selling new units and many suspect that units in previous developments remain unsold.
The numbers may mark a peak for the market with mortgage lenders being much less willing to lend. It is widely believed that many properties in Brentford are held on a buy-to-let basis particularly in the new developments and these may be impacted disproportionately in any downturn.
Flat prices have actually done well over the last year with terraced houses actually down in price. However, given the small number of sales of the latter it is difficult to conclude that this is a true reflection of the market.
Prices in London as a whole were up by 10.5% with the average property costing £357,675. London is still seeing the highest levels of increase in the country.
House prices in England and Wales dropped by 0.4 per cent in March compared to February, taking the average price to £184,798. It is the second consecutive monthly fall for England and Wales since August 2005. Over the year prices were up by 3.6%
The numbers are subject to revision as usually some properties are added late to the Land Registry's database.
Brentford Property Prices, January to March 2008
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
July 4, 2008