|Brentford Property Prices Tumble Further|
Average lower than it was five years ago
The TW8 property market appears to have finished the year on a low note with prices and transaction volumes falling in the last three months of the year. The fall in price leaves home values in the area below what they were five years ago.
According to the Land Registry, the average price of a home in Brentford is now £310,635 compared to the peak level of £374,192 seen in the second quarter of 2012.
The fall appears to be down to a lack of appetite for the large number of new flats coming onto the market in the area. Only 51 properties were sold in the period which is too few to clear the large inventory that some developers are building.
London was the best performing part of England and Wales during 2012 with an increase of 8.4% The average price of a home in London is now £371,223 according to the Land Registry.
For England and Wales as a whole prices rose by 1.7% over the year to £162,080.
The most up-to-date figures available show that during October 2012, the number of completed house sales in England and Wales decreased by 3 per cent to 56,337 compared with 57,988 in October 2011.
The number of properties sold in England and Wales for over £1 million in October 2012 increased by 14 per cent to 623 from 548 in October 2011.
All regions saw a decrease in repossessions between October 2011 and October 2012 ranging from 8 per cent in the South East to 35 per cent in the North East.
A list of properties sold in the Brentford area will appear in a forthcoming edition of the BrentfordTW8.com newsletter.
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 16, 2013