What's happening with Chiswick property prices?
Dec 11, 2023
The latest official figures as reported by local media outlet ChiswickW4 shows that turnover of Chiswick property has fallen to levels last seen during the pandemic.
The Q3 data from the Land Registry - July to September 2023 - suggests that the number of transactions in the W4 postcode area is down by about a third.
The fall is blamed on the effect of a series of interest rate rises and general economic uncertainty and there was an accompanying drop in the average price in the Chiswick area which was £1,121,027, down 8% compared with the same period last year.
ESMOND ROAD, BEDFORD PARK
There continued to be relatively brisk activity at the top end of the market with four houses selling for over £3,000,000 during the three months. The highest price paid was £3,510,000 for a six-bedroom terraced house on Esmond Road in Bedford Park. This property had last changed hands in June 2000 for £1,257,353.
Despite the picture painted by the numbers, locally based agents generally remain upbeat on the market for 2024 due to the fact that in the interim there has been more encouraging news on interest rates.
Christian Harper at Harpers of Chiswick: “From our own experience Q3 was a very positive quarter despite widespread reporting that the prime London market would suffer. If anything it contradicted the findings of many experts and swung more to a sellers’ market.
£3M+ CHISWICK TRANSACTIONS LAST QUARTER
Other £3 million plus sales took place in Netheravon Road, St. Mary’s Grove and Burlington Gardens.
"Earlier quarters in 2023 seemed to favour buyers as interest rates rose and some economists predicted the end of ’the good old days’, Harper suggests.
“As the figures demonstrate, the number of transactions is still lower than historically, which may fuel my prediction for Q1 2024. Personally, I think that prices will begin to rise in early 2024.
“Wise money will start buying as early as January as banks continue to offer better and better long-term fixed rates. With limited amounts of property to buy, I predict that multiple sealed bids could well be back with a vengeance by March 2024, as several buyers lock their sights on a small number of opportunities.
“This rise would only be softened if a greater number of Chiswick sellers decide that 2024 is the year to relocate or upsize and take advantage of the much better fixed rate mortgage deals currently available.”
READ THE FULL ARTICLE: