'Worst Ever' Chiswick Property Market

New official figures suggest that the end of last year could have been the worst ever for the Chiswick property market in terms of turnover.

The number of transactions recorded in W4 between October and December was below that seen even at the height of lockdown and during the financial crisis in 2009. According to local news website ChiswickW4.com, it has been described as a ‘death and divorce’ market, with the only transactions being made are the ones forced on the vendor by circumstances.

The Land Registry has reported that 62 homes were sold during the three months which is fewer than the number seen in the second quarter of 2020 when Covid-19 restrictions were in place and the first quarter of 2009 when the banking system was thought to be at risk of collapse.

IMPACT OF INTEREST RATES

The data is confirming the impact of high interest rates. It seems to indicate that this has had a much bigger impact on areas like Chiswick where property prices are high and people may need to take on more debt to enable purchases.

Christian Harper at Harpers of Chiswick confirmed that there was a dramatic fall in the number of transactions in the fourth quarter of 2023. He said, “So much speculation around interest rates, general election speculation and talk about a recession made practically everyone reluctant to ‘push the button’.

“This year has started with little to no quality stock but as the months have passed stock levels have improved and good quality buyers are transacting.”

Read the full article, including insights from Mateo Asminian and Katherine McDowall at Andrew Nunn & Associates, and the latest Land Registry figures for Chiswick. The data is arranged by post code areas as follows:

1 - Bedford Park and the north side of the High Road

2 - The south side of the eastern end of the High Rd down to the river at Corney Reach

3 - The Grove Park area and over to Strand on the Green

4 - The west of Chiswick between the A4 and Chiswick High Rd - (a high concentration of flats)

5 - The north west of Chiswick - Acton Green mainly

Image: Rightmove