Life returns to Brentford property market

Big increase in sales but prices remain flat

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There were encouraging signs for the Brentford property market in the latest official figures. The chronic lack of activity seen in the last quarter seems to have passed and there has been a significant increase in the price of properties changing hands.

The figures show that the average price of a Brentford property is now £261,005 down by 1.5% from the last quarter. Property prices are down by 5.7% over the previous year but this masks a significant difference in the performance of different areas of the market.

Flats in Brentford also saw a fall in price over the last year with a 9.8% drop. The average flat in the area will now set you back £256,287 which is only slightly less than the average price of a flat in the Chiswick area. Terraced house prices have surged ahead by 17.6% over the last year and remain at a substantial discount to similar sized houses in other areas. Over the longer term the picture is more consistent with terraced houses up by 9.8% over three years and flats up by 6%.

Julia Quilliam of local estate agents Quilliams saw positive features in the latest figures. She told "It's encouraging to see an increase in the number of properties being sold. There can be no doubt that Brentford offers excellent value in property terms and we expect a busy spring and summer. Most of the new developments have settled down in sales terms and we expect continued interest in larger three or four bedroomed houses"

According to the Land Registry, the average house price in England and Wales fell by 2% to £191,327 between October and December. The figures seem to contradict surveys from mortgage lenders which had claimed that prices started to accelerate as 2005 drew to a close.

Brentford Property Prices, Oct - Dec 2005

Oct- Dec 2005 Detached Semi-Detached Terraced Flat/Maisonette Overall
Av Price £ Sales Av Price £ Sales Av Price £ Sales Av Price £ Sales Av Price £ Sales
Overall - -
Change in Quarter - - 3.2% 225.0% 5.1% 0.0% -1.3% 27.0% -1.5% 36.8%
Change in year - - -3.9% 30.0% 17.6% -20.0% -9.8% -21.7% -5.7% -13.3%
Change in 3 years - - 11.4% 160.0% 9.8% 14.3% 5.0% -64.7% 6.0% -48.7%

Source: Land registry

March 14, 2006