Chiswick property’s ‘long winter’
New instructions reach record low as political uncertainty weighs on Chiswick’s property market, as reported on local news website ChiswickW4.com.
Political uncertainty and stamp duty changes are being blamed for a ‘long winter’ in a W4 property market that has seen volumes and instructions fall to record lows.
So far this year, fewer that 100 properties have been reported as sold by the Land Registry. According to RICS (Royal Institution of Chartered Surveyors) new instructions in April remained negative for a fourteenth month in a row nationally and anecdotal evidence points to continuing decline in the run-up to the general election.
The property market in Chiswick remains stable with the average price continuing to hover around the £1,000,000 mark in the first quarter of 2017. There still appears to be demand for large family houses with several transactions over the two million mark including one for £3,523,000 on Priory Avenue.
Christian Harper, chartered surveyor and owner at Harper Finn: “It is certainly true that activity is at an all time low in W4. In fact I think it is the quietest time, in terms of numbers of sales that I have experienced in my 26 years in Chiswick property.
” It is not the worst market but poor pricing advice is causing mayhem. If you are looking to sell and trade up to a more expensive property, it has never been better, but please don’t try to sell high and buy low. I am finding that the biggest issue is a vast number of agents are still too frightened to inform potential clients that their house may be worth less than last year and thus the market is flooded with overvalued stock.
“When one agent doesn’t sell it another is quick to suggest that they have unique buyers and will do better. Clients then change agents and then, surprise surprise, the new agents doesn’t sell it either.
“Now is the time to instruct agents that have experience in Chiswick. Knowledge is real power in a complicated market. Brexit, Stamp Duty increases last year, a weak pound and a general lack of confidence, has caused this adjustment. Unless clients are expertly guided they may as well hang up their boots until after Brexit and not just until after the general election.
“The average flat in Chiswick is currently changing hands for £548,523 and the average terraced house costs £1,159,143. Prices of these kinds of properties in the area have traded within a narrow range over the last three years.”
During March 2017, London was the worst performing region of the country according to the Land Registry with prices falling by 1.5% from the previous month to £471,742. Over the course of the last twelve months prices have risen by 1.5%.
Read the full article on ChiswickW4.com.