Chiswick Property Market Update

Horton and Garton consider the current local property market conditions in W4 (Ad)

Thinking of selling or letting your property? West London Estate Agent Horton and Garton consider the current local property market conditions in W4 and what this means for homeowners.

Chiswick Sales Market

Whilst demand for property to buy is reported by many outlets to have weakened over the summer break, this is not what we have experienced in the Horton and Garton Chiswick office. The traditional slowdown has been present to some degree due to the school holidays, but buyers are still out in force and quick to get in touch when well-priced homes become available to buy. Furthermore, throughout August we have been agreeing sales on a variety of property types, demonstrating that there is still a strong appetite to secure property in W4.

This corresponds with the latest data released from Zoopla at the end of August confirming that across the UK the volume of new sales agreed remains high which is supporting headline price growth. Across London they report price growth to be 4.1% year on year and that average property price in the capital is currently £522,800. In Chiswick specifically, Rightmove reports the overall average price to be £1,039,366 over the last year and that sold prices across W4 are 5% up on the previous year.

So, what are the key trends being seen in the market and what’s the outlook for the months ahead?

Price sensitivity

Buyers are currently less inclined to take on a project, a property that needs work will be far more price sensitive in the current market given that it is now widely known that tradesmen are booked for months in advance and material costs have risen too. Turnkey properties that are in excellent condition, that enable a buyer to immediately move in and have their ideal home, are selling first, and often for a premium.

Sellers often ask Horton and Garton if they should carry out works prior to selling, it’s a question that’s answerable on a case by case basis – we’ve previously written a blog that can offer further insight which you can read here.

Shifting priorities

There’s also been a noticeable shift in priorities for many Chiswick residents in recent months, with a focus on leading a more energy efficient lifestyle leaving many considering scaling down and moving to a smaller property.

With so many property types to consider in Chiswick there is rarely a need for compromise on location, with mansion blocks and terraced cottages often offering the perfect solution for those downsizing.

When to sell?

If you want to have moved house before the 25 th of December or to, at a minimum, be in a position of surety entering the new year with a fixed completion date on which you will move home, it is imperative that marketing of your property for sale begins in the coming weeks.

Chiswick Lettings Market

Chiswick, like most of the capital, is experiencing a severe shortage of property available to let which has resulted in a very heated lettings market that is showing no sign of cooling any time soon.

August is traditionally one of the busiest times of year for lettings agents, over the past two years, more new tenancies were started across England and Wales in August than in any other month of those years and 2022 has been no exception. The latest report from Goodlord recorded rising rental values across Greater London with rents up from £1,797 in July to £1,924 in August, a rise of 7%.

Taking a closer look at the Chiswick rental market specifically, in W4 there are almost half the number of properties listed online compared to the total listings for rental property in W6; Chiswick’s lettings market is significantly undersupplied. Regardless of property type and size, listings that do become available are letting within days.

Thinking of selling or letting?

Our Chiswick team would be delighted to discuss your property plans in greater detail, without obligation.

Get in touch with Horton and Garton.

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September 2, 2022