Little wonder that average prices in the area now stand at £872,195, up a resounding 13 per cent in the past 12 months, according to property website Zoopla. However, first-time buyers now have a chance to buy a new home, inside a nature reserve, only 165 yards from Chiswick High Road for less than £100,000, and with a total deposit of less than £5,000.
Housing association Affinity Sutton has 23 one- and two-bedroom flats in a seven-storey block, Chiswick Point, for sale on a shared-ownership basis.
A 25 per cent share of a one-bedroom flat on the site will cost £95,550 - the full purchase price is £382,200. A quarter share of a two-bedroom home will cost £136,500 (full price £546,000). Buyers will need five per cent deposits of £4,777 and £6,825 respectively.
Monthly costs, including rent and mortgage, are calculated to start from £1,191 per month for one-bedroom flats, and £1,713 for the two-bedroom apartments, but buyers will also need to pay a monthly service charge which is expected to cost between £100 and £120.
£95,550: for a quarter share of a new one-bedroom apartment at CHiswick Point in west London
Chiswick Point, being built by Bellway Homes, will also include offices and shops and will be ready to move into in July.
The development is particularly strong on green space, as it is being built on a brownfield site within the Gunnersbury Triangle Nature Reserve. The reserve is run by the London Wildlife Trust as a haven of woodland dotted with ponds and meadows, and woodpeckers and rare butterflies are among the wild creatures that are known to flourish there.
Buzzing wildlife - and a buzzing social life
Both Turnham Green and Chiswick Common are also close by and the vast expanses of Gunnersbury Park are within walking distance.
The nearest station is Chiswick Park, on the District line in Zone 3, with direct services to Earl’s Court, Victoria, and the City. “This development is rare in that it is being built right in the middle of a nature reserve and yet it is really close to Chiswick High Road, which is fabulous for prestigious shops, bars and restaurants,” says Wendy Turland, senior sales manager at Affinity Sutton. “It is like a little village area but with great links into central London.”
On the waterfront: Chiswick sits beside one of the loveliest Thames stretches (Image: Graham Hussey)
As far as downsides go, the development is close to railway lines. However, the shared-ownership homes are not overlooking the tracks so residents should not be impacted by rail noise. Surrounding roads are fairly busy although this could be considered par for the course in London.
Affinity Sutton sales director Yvette Ruggins hopes the scheme, open to anyone who lives or works in the borough of Ealing, will help buyers who cannot afford to get on the property ladder using government schemes.
“While Help to Buy has been invaluable in giving the property market a boost, five per cent of the full purchase price of a home, particularly in areas such as Chiswick, is still out of reach for many,” she says.