Is This The Right Time To Sell Your Property?

Outlook for the Chiswick property market post-lockdown

Contrary to what the papers would have you believe not everyone is leaving or has already left London. In fact, as children head back to school Chiswick is busier than it has been for months.

Buyers and sellers remain active yet there is also a certain level of uncertainty present. Hopefully I can offer some clarity here, a recap on what we've seen these past few months and the outlook for the rest of 2020 and beyond.

Chiswick property market update

Since it received the green light to reopen in mid-May the UK property market has been a hive of activity with buyers and sellers returning in record numbers. Chiswick, contributing to these figures, has seen unseasonal volumes of transactions over the summer.

Though we never left our laptops, along with the rest of our industry, we officially returned to the office on 13th May and from then until now we have agreed 27 sales.

The majority of properties that have sold are Freehold houses - there is a clear increase in demand from those upsizing to a bigger home having realised their apartment was too cramped during lockdown. We've also seen a fair number of downsizers seeking a more manageable home.

With no signs of slowing down the W4 property market continues to be active with new buyers entering the market. In the more recent weeks, there's been an uptick in interest from overseas buyers who are now returning to the market. European buyers seem more confident with assurances over their status and there has also been a distinct increase in interest from Asian buyers.

What type of property is selling?

As mentioned, houses in Chiswick are selling in noticeably greater numbers than apartments as there is a greater appetite to move from those wanting to upsize. Priced correctly houses are barely touching the market before they get snapped up by buyers.

Flat sales are also happening though marketing is clearly the key to success. Pricing and presentation are more important now than ever before, especially since so much is being done virtually. With buyers preferring to study property details online prior to arranging a viewing - our virtual tours are hugely popular.

Homes in Chiswick are selling successfully and we're currently achieving an average of 98.4% of the asking price.

Moving home in 2020

National headlines can be misleading; information given to readers and listeners is often contrasting and ambiguous - it's little wonder that there's confusion and many are left wondering if now is a ‘good' time to buy or sell?

Property is selling and the market is busy but the reports of prices jumping upwards wildly are exaggerated. A recent headline stated that ‘UK house prices surge to all-time high after biggest monthly jump since 2004' – the reality is that prices were up 2% month-on-month.

2020 continues to be a rollercoaster but many of our clients have recognised that there is never a ‘perfect' time to do things like move home. The right time to move is when you're ready to do so and this year has led many to realise they had been sitting on their hands for far too long.

Thinking about selling?

The property market is typically seasonally affected; the end of the year and beginning of the next is traditionally a time when less transactions take place. I believe we have roughly 7 weeks of selling time before we see a shift in appetite, demand to be more subdued and buyers' to have more power in negotiations.

As I'm writing this, I'm celebrating my 492nd sale, having been a selling agent in West London for over 10 years. Property is one of my greatest passions and I thoroughly enjoy talking about it - If you're thinking about selling in the next 6, or even the next 12 months, I would be more than happy to have a discussion, with no obligation. 

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September 10, 2020