Last month I said that property values in
Teddington had risen by 10.6% over a year. To be more precise, they have risen
by £58,800 of which 40% of that increase has been over the last 3 months. This
is great news for anyone who owns their own home in the Teddington. Looking at
our neighbouring town of Richmond, the figures are even more impressive as the
average value of a property rose there by £100,500 (12.5%), which on the face
of it, makes Richmond property values streets ahead.
However, take a road trip along the A316 to
Chiswick and the figures start getting ridiculous. An average property in Chiswick has seen a
huge increase in average property values by around £118,700 over the last 12
months, or 13.3% year on year. However,
don’t all start going east up the A316, as average annual yields/returns are only
2.6% a year.
Go the other way on the A316 to Sunbury and
the story flips in completely the opposite direction. Property prices have only
risen here by £14,600 or 3.81% with the current average property price being
£398,700.
Ok, so it’s obvious to see variations the
further into London you go but I still find it amazing that four places along
the A316 of Teddington, Richmond, Chiswick and Sunbury, all within a few miles
of each other, can experience such variations in property prices. With average
rents steadily rising by 1 to 2% a year and with continuing troubles for first time
buyers raising the tens of thousands of pounds for the deposit and fees, I can
only see greater demand for rental properties in Teddington. This in turn will
mean more people will continue to buy property for buy to let, and where there
is greater demand, the price tends to go up. This however, is only my opinion!
Rebecca Smith
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