Latest Land Registry figures for Chiswick
Feb 24, 2022
So far, the Land Registry has only recorded 45 sales in the W4 postcode area since the stamp duty exemption ended which provides slim pickings when spread among the significant number of agents' offices in the area. It is rumoured that some offices have not made a single sale since last June.
There has been some consolidation at Barnard Marcus but the number of closures originally anticipated has not materialised. Local agents say that larger chains have been competing to acquire the lettings business of struggling smaller firms as this part of the market remains robust. Agents dependent on sales have their work cut out to stay in the game.
A GRIM SIX MONTHS
The average sale price has remained steady at around a million pounds where it has been for the past several years. This has been propped up by demand for larger houses remaining stronger than that for flats and maisonettes. Over 10% of the sales recorded in Chiswick since the end of June 2021 have been for over £2,000,000.
The highest price paid in the period for a house in the Chiswick area is £4,150,000 for a detached house on Priory Avenue. The property had previously changed hands for £3,910,000 in November 2018 and £1,600,000 in May 2005.
The behaviour of the market confirms the predictions made by Christian Harper at Harpers of Chiswick last year. Looking forward he is slightly more optimistic about the coming months saying, "History shows that in many cases lower stock levels can generate higher prices, with buyers having to compete over fewer houses. These buyers are typically buyers who are 'Rightmove surfers’ and new to the area.
“Then again, history also shows that lower stock levels don't flush out the ‘I wasn't even looking' buyer/seller. These are the clients that have no desire to move but after seeing a Harpers of Chiswick 'For Sale' board, decide to move to a dream house and instruct us to sell another Chiswick house. Two houses marketed rather than just the one.
“Sixty five percent of Chiswick buyers already live in Chiswick. I fear that low levels of tradeable stock may have a detrimental impact on the entire property market if we can only rely on the Rightmove surfers."
IMPACT OF MORTGAGE RATES
He adds that the market in flats is making good progress and that there is high demand for well-priced units bringing the level of activity at his office back to the levels seen prior to the expiry of the Stamp Duty holiday.
Christian believes the renewed surge is down to something he has experienced before - people making the decision to buy because they anticipate higher interest rates and want to lock in favourable terms on fixed rate mortgages.
However, he cautions that while a small rise in rates may actually help the market, the case could be very different if there were there to be subsequent rises.
He also is seeing renewed activity in the buy-to-let sector despite all the additional tax disincentives and describes demand as 'off-the-scale' with properties being let with 48 hours of marketing.
Read the full article here including a Table of Chiswick Property Prices - (July - September 2021) and comment from David Hill, Sales Director at Marsh and Parsons.