|Brentford Property in Doldrums|
Sales and prices continue to decline
The latest official figures paint a grim picture of the local property market with prices and volumes falling further.
Only 32 properties changed hands during the last quarter of 2008 breaking the record for the lowest ever set the quarter before.
The average property in Brentford now costs £245,850 which is 22.7% down on the same period last year. However with volumes so low it is difficult to conclude this is an accurate picture of the market.
The Land Registry data for January for the country as a whole shows an annual house price change of -15.1 per cent. This marks the seventeenth month in a row where the annual rate of change has fallen. This contrasts with the 21 months of uninterrupted increases in the annual rate of change between December 2005 and August 2007. Prices in London were down by 14.1% over the year.
Oliver Finn's Christian Harper said, "Transactions are certainly at an all time low. However, backdated factual figures often provide a distorted view of a current market and it must be said that the number of transactions have improved as more and more of the public consider that we may be at the bottom of market prices, mortgages are cheap and many homeowners are only too happy to negotiate with a trustworthy, solid buyer"
The average property in England and Wales is currently worth £156,753 and the rate of monthly price change stands at -0.8 per cent. Sales volumes nationally have continued to decrease, with the number of sales averaging 41,014 per month in the months August to November 2008. In the same period in 2007, the average was £106,495.
The numbers are subject to revision as usually some properties are added late to the Land Registry's database.
Brentford Property Prices, October - December 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
May 13, 2009