|TW8 Property Prices See Rebound|
Demand for flats in Brentford but overhang remains
Property prices in Brentford are up by 11.3% compared with last year according to the latest information released by the Land Registry.
The average property in the TW8 post code area now costs £307,935. This is the first time that prices have averaged over £300,000 since 2008.
The main impetus recently has come from flats the market for which had been moribund. Sales levels are up by 23.7% with prices up 17.1% compared with last year but with still only 47 units sold in a traditionally busy quarter there is a long way to go before the backlog of unsold units in the area is cleared.
House prices performed relatively poorly recently but over the longer term remain substantial outperformers up by 78.9% over the last ten years compared to just 25.3% for flats.
The September data from Land Registry's national House Price Index shows an annual price decrease of 2.6% which takes the average property value in England and Wales to £162,109. The only region to experience an increase in value over the last 12 months is London with a rise of 2.7%.
The most up-to-date figures available show that during July 2011, the number of completed house sales in England and Wales decreased by 11 per cent to 59,919 from 67,475 in July 2010. The number of properties sold in England and Wales for over £1 million in July 2011 decreased by 24 per cent to 707 from 932 in July 2010.
According to the Nationwide's House Price Index which looks at offered prices rather that transacted sales UK house prices increased by 0.4% in October, lifting annual house price growth into positive territory for the first time in six months. The price of a typical home at £165,650 was 0.8% higher than October 2010.
Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said, “Given the challenging economic backdrop, October’s data is encouraging, but it doesn’t fundamentally change the
picture of a housing market that is treading water. Property transaction levels remain subdued, and prices essentially flat compared to last year. The outlook remains uncertain, but with the UK economic recovery expected to remain sluggish, house price growth is likely to remain soft in the period ahead, with prices moving sideways or drifting modestly lower over the next twelve months.”
Brentford Property Prices - July - September 2011
Brentford Property Prices - April - June 2011
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 11, 2011