|Renewed Slump in Brentford Flat Sales|
Price of average apartment up by only 8.7% over last decade
The momentum in flat sales in Brentford seen earlier this year seems to have dissipated. Transactions in this sector of the local property market are down by 35.6% compared with the previous quarter so the momentum seen during the Spring has not been maintained once again raising concerns about a possible glut in the area.
However, there does appear to be good demand for existing properties in good areas.
Julia Quilliam, of Quilliam Property Services said "Throughout the Autumn we have been more busy than expected considering the constant bad press. It is true that apartments are a little slower but if something is priced realistically it will sell. We have a repossessed apartment in Ferry Quays which is very keenly priced and have seven interested purchasers meaning we will have to go to sealed bid. Period properties in Brentford are always in high demand and again if priced realistically there are plenty of serious buyers around".
Total prices are up 9.4% compared with last year but that masks a fall in flat prices. Higher prices and bigger volumes of sales of terraced houses is dragging the average up. Brentford still has a large number of new flats waiting to be sold and even more in development.
For London as a whole the Land Registry data shows an increase of 8.8% in September over the same month in 2009. The average price of a London residential property is now £340,344. This is the smallest annual rise since December 2009. Compared to August prices fell by 0.6%
The Nationwide's House Price index is suggesting a lower overall increase in prices than the Land Registry. This is based on offer prices for homes rather than achieved sale prices. Martin Gahbauer, Nationwide's Chief Economist, said, "October saw a continuation of the modest downward trend in house prices that began at the start of the summer. The average price of a typical UK property edged down by a seasonally adjusted 0.7% month-on month
He now thinks that a second round of quantative easing will be supportive for the property market.
The numbers below are subject to revision as is it usual that some properties are added late to the Land Registry's database.
Brentford Property Prices - July - September 2010
Brentford Property Prices, April to June 2010
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
November 12, 2010