|Boom in Brentford Property Prices Spreads Beyond Riverside|
New record price level as buyers move from apartments to houses
Brentford's property prices have hit a new high according to the latest official figures.
Whereas previously sales of luxury riverside apartments had driven up the average price in the TW8 post code area more recently a renewed interest in houses in Brentford has been having an impact.
Although most homes sold in the area are still flats, sales of houses have risen sharply and made up nearly a third of sales, one of the highest levels in recent years.
Flat prices actually came off their all-time high in the second quarter of the year down by 5.2% compared with the first three months of 2013. But over half the transactions in the area are for apartments in the eastern part of Brentford including the new developments on Kew Bridge Road.
The period did see the all-time highest price ever paid for a Brentford property with a flat in the Kew Bridge Road development selling for over £2,000,000. There was also the sale of a detached house in Market Place for £1,000,000. This is the first time a house in TW8 outside the Butts has sold for a seven figure sum.
Ray Upcraft, partner at Russell Collins estate agents says, "Brentford has become increasingly popular over the past few months. It initially started with the new builds but the classic Victorian terraces are now reaping the rewards too.
The June data from Land Registry's House Price Index shows that London saw a sharp rise in prices during the month up by 3.1% compared with May. It remains the best performing property market in England and Wales rising by 6.9% over the last year to £383,930.
For the country as a whole prices only rose by 0.8% over the year which takes the average property value in England and Wales to £162,621.
The most up-to-date figures available show that during April 2013, the number of completed house sales in England and Wales increased by 12 per cent to 48,367 compared with 43,252 in April 2012.
The number of properties sold in England and Wales for over £1 million in April 2013 increased by 45 per cent to 703 from 484 in April 2012.
The West Midlands was the only region to see an increase (8 per cent) in repossession sales between April 2012 and April 2013. The region with the greatest fall in the number of repossession sales was London where repossessions dropped by 37 per cent (April 2013 compared with April 2012).
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
September 4, 2013