Chiswick Property Market Update - October 2022

West London Estate Agent, Horton and Garton review the Chiswick property market following a period of seismic change and consider what this means for the months ahead.(Ad)

As we move through what is traditionally one of the busiest times for the Chiswick property market, despite economic and political headwinds, there continues to be a strong appetite to buy property in W4 and the surrounding prime West London areas. However, buyers and sellers alike are increasingly cautious as they ponder if now is the right time to move.

Chiswick property prices

Being one of London’s prime suburban property markets it is of little surprise that the average property price in W4 is almost double that of the average price across all of London.

According to Rightmove the average property price in Chiswick over the past year was £1,033,114. Sold prices in W4 were 5% up on the previous year and 6% up on the 2017 peak of £972,245.

Though elusive, freehold houses that do become available to buy in Chiswick, priced correctly, are selling within days of coming to the market.

Together with strong demand for houses, throughout 2022 we have seen heightened demand from first time buyers. The average value of property listed by Horton and Garton in 2022 and subsequently purchased by a first-time buyer is £796,666. Furthermore, over half of these first-time buyers purchased without taking a mortgage.

In fact, almost half of all transactions completed with the Horton and Garton Chiswick office in 2022 have been with cash buyers.

Patience and persistence

 With well-priced properties in good condition continuing to be favoured by buyers and often receive multiple offers within less than a week of launching. Wary of the pressure to sell, some vendors are cautious of selling before a new property has been identified to buy.

Where previously a vendor might have considered moving into rented accommodation to facilitate a sale, with the availability of rental property falling and rental prices rising, sellers are less willing to adopt this approach as a stopgap.

Buyers should be aware of these factors when entering the market; patience and persistence are key.

Tax cuts and rising interest rates

The recent cuts to Stamp Duty Land Tax represent a welcome saving for buyers but is unlikely to have significant effect on the Chiswick property market. With increasing mortgage rates, the rising cost of living and a continuing imbalance between the number of buyers searching and properties available to buy, this reduction will likely have a limited impact on W4 sales.

In a bid to combat rising inflation and a weakening pound, the Bank of England recently raised interest rates for the seventh consecutive time, taking the base rate to 2.25%.

Those moving house who are seeking a mortgage are wise to speak to a mortgage broker in this now rapidly changing mortgage market, to ensure they are securing the best rates for their circumstances. Homeowners who currently have a mortgage should also be aware that it is possible to lock in rates some months before your current mortgage expires. With it very possible that interest rates might rise once more before the end of the year, its prudent to act sooner rather than later.

Selling in 2022

The prospect of taking on a project or completing any improvement works to a property is largely unappealing given the rising cost of materials and reduced availability of tradesmen, meaning properties in good condition, priced well, continue to see high levels of demand, and sell quickly.

There is increasing price sensitivity as interest rates and the cost of living continue to rise, and those wishing to sell are sensible to keep this in mind to achieve the greatest possible outcome.

Read our latest West London Property News for a market update on all of our patch and the local lettings market – click here.

Whether you are considering selling or letting your property in Chiswick, Horton and Garton’s local agents are on hand to provide guidance and assurance when it is needed most. Get in touch, without obligation.

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September 30, 2022