|Brentford Property Prices See Continued Strength
Average terrace in the area now selling for over half a million
Brentford property prices continue to be robust with the average in the fourth quarter of 2014 up by 22.4% compared with the previous year.
The average price in the TW8 post code area according to these latest Land Registry figures is £401,239. This does represent a fall from the peaks seen earlier in 2014 but the last three months of the year saw a predominance of lower priced units in the Ealing Road and Kew Bridge areas coming to the market. In all they made up over two thirds of sales during the period.
The price of houses, as opposed to flats, in Brentford continues to rise despite a lack of supply coming to the market. The average price of a terrace property has risen to £545,085, above half a million for the first time ever.
A house on Boston Gardens was the highest priced sale during the period changing hands for £1,352,000. This makes it the ninth most expensive residential property and the second most expensive house in TW8.
Alastair Hilton, of Winkworths commented, "I have said for some time that for investment purposes, Brentford is a safe bet. Chiswick has been a very strong market with prices to match for many years. Now that there are a lot of new apartments built in Brentford, there are more people living there with money to spend. We’ve also recently achieved record prices for larger homes in Brentford. What we have seen and will see a lot more of, are boutique style shops and coffee houses opening to cater for these people. Over the next few years this will attract more buyers to the area and prices will continue to rise. Whenever there are two areas where the prices in one far exceed the other, the lower priced area will rise. The prices in Brentford are unlikely to ever equal Chiswick prices, but the gap will close".
Ray Upcraft of Russell Collins Estate Agents added: "Brentford (TW8) seems to still be a popular area and will continue so to be given it’s a near neighbour of the likes of Chiswick, Ealing, Kew etc. We are finding that prices still seem to be creeping up but the ‘lower end flats’ ie new builds will make the average price seem artificially low.
"We have just sold 2 quality houses in Hamilton Road Brentford ,one of the areas best locations and both were sold in a matter of days and have now completed.
London continues to be the area of the country seeing the strongest price growth. During December the average price in the capital was £464,936 up another 1.8% compared to the previous month to bring the annual price rise to 16.8%
The December data shows a monthly price increase of 0.6 % bringing the annual price change to 7.0% and the average house price in England and Wales to £177,766.
The number of property transactions has increased over the last year. From July 2013 to October 2013 there was an average of 75,201 sales per month compared to 82,067 for the same period in 2014.
Simon Rubinsohn, RICS Chief Economist, said, 'Despite the slowdown, there is optimism that the stamp duty reforms will deliver a 2-5% boost in both sales and prices over the next 12 months, despite members in London expecting sales to decrease by between 5-10% and prices to decrease by 2-5%, with larger properties and/or those in prime areas expected to see the biggest price decreases.'
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
February 18, 2015