|TW8 Property Volumes Hit All-Time Low|
Prices fall further and sales down by 60%
The latest data release for the Brentford area is showing that the recovery in turnover in the local property market has been short lived.
Only 43 properties have been recorded as having changed hands in the third quarter of this year. No property was sold at all in Brentford in the area west of the Boston Manor Road.
Sales are down by 60% compared to the same period last year and things would have been even worse but for the sale of some units in the Wallis House development.
With such low volumes price trends become more difficult to determine. The average price of property was down 6.8% compared to the same quarter last year and 11% compared to the previous quarter.
With large developments of flats still to come to the market it remains doubtful that there is currently much demand for these properties.
The statistics are for transaction that predate the bailout of banks globally and the collapse in stock markets but with sharp cut in interest rates recently there are also supportive factors for local prices.
London also experienced a decrease in its average property value over the last 12 months, with a movement of -6.1%, taking the average London house price to £328,927.
Annual house prices in England and Wales fell by 8 per cent in September to prices last seen in autumn 2006, according to the latest figures from Land Registry. The average house price is now £168,814 which is also a decrease month-on-month of 2.2 per cent.
The numbers are subject to revision as usually some properties are added late to the Land Registry's database.
Brentford Property Prices, July - September 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
December 19, 2008