Chiswick property market update
Oct 26, 2021
Chiswick estate agents have had a hectic spring and summer as clients rushed to complete sales before the expiry of the reduction in Stamp Duty.
Some concerns had been expressed that the Chiswick property market would hit a wall once the Stamp Duty exemption came to an end. However, as reported by Chiswick's local news service ChiswickW4.com, while the market apparently has calmed from the frenzy in the second quarter, agents are reporting satisfactory transaction levels.
Christian Harper at Harpers of Chiswick struck a cautious note: “As expected, the government’s intervention to kick start the housing market in 2021 by offering very worthwhile stamp duty reductions, certainly helped to boost property sales right up to the last minute on 30 June.
“I witnessed growth in prices in both the flat and house markets during this time simply because demand equalled and, in some cases, outstripped supply. We certainly made hay while the sun shined, with Chiswick showing some very promising transactions numbers in comparison to the London average.
Post- stamp duty frenzy
“I am encouraged that the flat/maisonette market seems to be holding its own with good levels of new offers, while the ‘black book’ (quiet marketing) +£2m house market is steaming ahead with no sign of slowing down. Quiet, discreet marketing offers many attractions to my clients but causes chaos for agents transfixed on speculating market share."
Lack of stock in the £1m to £2m market remains a concern as buyers tend to give up when not being presented with new options. Once buyers make other plans, the market becomes much harder to kickstart in Q1 2022 and delays any real progress in transaction numbers until Q2.
Harper continues: “Generally I remain optimistic about the future of the property market as Chiswick continues to ‘do its bit’ to increase desirability. New initiatives including Chiswick Cinema, fabulous Sunday markets and artisan shops, continue to counteract Hounslow’s apparent desire to take the High Road back to horse and cart and the penny-farthing times.”
The average price of a property in the UK was £265,668 at the end of June according to the Land Registry a rise of 13.2% over the year and 4.5% over the month. London’s rise was well below this level with prices in the capital up by just 6.3% over the year. The North West by comparison saw a rise of 18.6%
Between May and June 2021, UK transactions increased by 74.1% on a seasonally adjusted basis as volumes recovered from lows seen during the lockdown.