|Brentford Property Grinds to a Standstill|
Thousands of units looks set to be unsold
For the third quarter in a row the number of property transactions in the Brentford area has hit an all-time low. Just 19 properties were reported as being sold in the period January to March. According to their figures not a single house was sold in the area, with all the properties changing hands being flats.
These figures must make grim reading for the developers looking to sell large flat developments in the area. Anecdotal evidence suggests there are already a significant number of people who bought flats in the area to let them out who are now looking to off-load them in the secondary market.
There are also reports of developers offering flat units on a short term let basis and withdrawing them from sale.
The average sale price of a property in Brentford during the first three months of this year was £214,148 down by 34.7% on the same period in 2008. However, given the low number of transactions and the absence of any house sales, how representative this figure is can be questioned.
The Land Registry data for March for the country as a whole shows an annual house price change of -16.2%. This brings price levels back to those seen in August 2004.
London prices have fallen by 15.4 % to £299,613. Prices did rise slightly in March, the first time in a year the price index has seen a positive change.
The numbers are subject to revision as usually some properties are added late to the Land Registry's database.
Brentford Property Prices, January - March 2009
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
August 18, 2009