But buyer pays over a million for house in TW8 during pandemic
House in Tallow Road went for £1,200,000 during pandemic
A local estate agent has described the recent state of the Brentford property market as the worst he has ever seen with turnover almost grinding to a halt.
The latest data released by the Land Registry shows that only 14 properties changed hands in the three months to the end of September, the lowest number since records began. There were just 19 sales in the previous three months at the height of the lockdown. Other parts of London have not seen quite such a precipitous decline in market turnover during the pandemic.
However, although the low number of sales makes determining the direction of prices difficult, there do seem to be some indications that prices are not falling significantly.
One buyer was willing to pay £1,200,000 in July for a house on Tallow Road. Although it was originally marketed for £1,325,000 by Winkworths and Snellers before and after the Covid-19 outbreak, similar properties on the road have changed hands at around the same level as the sale price in recent years.
One local agent said, “This has been the worst ever period for the local property market in terms of sales, even worse than during the financial crisis ten years ago. The pattern elsewhere in London is that demand remained robust for larger properties through the lockdown partly due to people often having to move due to necessity but also because the benefit of the stamp duty reduction is more significant. Brentford has a limited stock of this kind of property therefore has been more exposed to the downturn than other postcodes.
“A sustained economic recovery dependent on buying interest resuming in the kind of property of which Brentford has a lot of in the pipeline so it can be assumed that government policy will be geared towards reviving the market. What can’t be assumed is that it will be successful but we are already seeing levels of interest that suggests a vaccine euphoria bounce is in the offing.”
|Brentford Property Prices - (July - September 2020)|
|Sales||Overall Ave||Total Sales|
in 5 years
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
Nationally the Nationwide House Price Index showed a year on year increase of 5% to £226,129 up to the end of September. For London the average has risen by 4.4% over the year to £480,857.
Robert Gardner, Nationwide's Chief Economist, said: “Housing market activity has recovered strongly in recent months. Mortgage approvals for house purchase rose from c66,000 in July to almost 85,000 in August - the highest since 2007, well above the monthly average of 66,000 prevailing in 2019.
“The rebound reflects a number of factors. Pent-up demand is coming through, with decisions taken to move before lockdown now progressing. The stamp duty holiday is adding to momentum by bringing purchases forward. Behavioural shifts may also be boosting activity as people reassess their housing needs and preferences as a result of life in lockdown.”
Regular updates on the local property market are published in the weekly BrentfordTW8.com newsletter.
Like Reading Articles Like This? Help Us Produce More
This site remains committed to providing local community news and public interest journalism.
Articles such as the one above are integral to what we do. We aim to feature as much as possible on local societies, charities based in the area, fundraising efforts by residents, community-based initiatives and even helping people find missing pets.
We've always done that and won't be changing, in fact we'd like to do more.
However, the readership that these stories generates is often below that needed to cover the cost of producing them. Our financial resources are limited and the local media environment is intensely competitive so there is a constraint on what we can do.
We are therefore asking our readers to consider offering financial support to these efforts. Any money given will help support community and public interest news and the expansion of our coverage in this area.
A suggested monthly payment is £8 but we would be grateful for any amount for instance if you think this site offers the equivalent value of a subscription to a daily printed newspaper you may wish to consider £20 per month. If neither of these amounts is suitable for you then contact firstname.lastname@example.org and we can set up an alternative. All payments are made through a secure web site.
One-off donations are also appreciated. Choose The Amount You Wish To Contribute.
If you do support us in this way we'd be interested to hear what kind of articles you would like to see more of on the site – send your suggestions to the editor.
For businesses we offer the chance to be a corporate sponsor of community content on the site. For £30 plus VAT per month you will be the designated sponsor of at least one article a month with your logo appearing if supplied. If there is a specific community group or initiative you'd like to support we can make sure your sponsorship is featured on related content for a one off payment of £50 plus VAT. All payments are made through a secure web site.
November 13, 2020