|Brentford Penthouses Remain Unsold|
Buyer interest in TW8 properties concentrated at lower end
The latest figures on the property sales in the TW8 post code area suggest that buyers remain keen on cheaper priced properties in the local area but that demand for luxury flats has faltered.
During the first quarter of the year the average price in Brentford was £351,105 this peaked at over £400,000 last year when there was brisk demand for higher priced flats in the Kew Bridge Road development.
So far this year only one property has sold for over £1,000,000 in the area according to the Land Registry and developer St. George are trying to shift several high priced units including the penthouse at Rothschild House for £3,500,000. If they were to achieve this price it would be the highest ever paid for a residential property in the Brentford area.
The average price of a flat sold is down 29.1% compared with the same period last year but this is probably not reflective of a general fall in the market. The number of flats changing hands has risen and house prices during the same period are up so it is likely that the mix of flats has changed rather than the local market taking a downturn.
Over the twelve months to the end of March London as a whole has seen a rise in average values of 12.4% making it the strongest performing area in the country. The average house in the capital now costs £414,490.
For England and Wales as a whole, Land Registry figures show that the average prices is up by 5.6% over the last year to £ 169,124 although they are down compared with February.
Repossession volumes decreased by 31 per cent in January 2014 to 979 compared with 1,420 in January 2013.
The most up-to-date figures available show that during January 2014 the number of completed house sales in England & Wales increased by 46 per cent to 63,123 compared with 43,373 in January 2013.
The number of properties sold in England and Wales for over £1 million in January 2014 increased by 61 per cent to 1,011 from 628 in January 2013.
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
July 11, 2014