What is the current demand for property in Chiswick?
Chiswick currently has the ‘highest level of demand for residential property in prime London areas’. This is according to research by online estate agent emoov, as reported on local news website ChiswickW4.com.
Emoov has calculated the demand by showing the number of properties sold as a percentage of the number of properties listed. Chiswick has the highest proportion at 32% (so far this year) and has seen the second highest annual increase.
However, some local agents have questioned the report’s conclusions. Christian Harper at Harper Finn is dismissive of the conclusions and is struggling to detect any good news for sellers in 2017. “Without ‘boots on the ground’ in Chiswick it is impossible for an online estate agent to get an accurate picture of market demand. In my experience 2017 has been a tough market for some clients whilst being great for many others”, he explained.
“Clients that are not purchasing another property after selling, or those that are looking to trade down in terms of cost, are typically holding out for 2015-2016 prices after getting poor valuation advice from agents. Clients that are looking to trade up are enjoying the reduced prices on the onward purchase thus reducing the differential in the transaction.
Some agents are still making huge promises regarding their pricing and marketing abilities, whilst others including me, are trying to price as honesty as possible. I believe that the market is currently 10% to 15% down on 2015 in real terms.
Christian is inclined to be ‘glass half full’ and is looking for a pickup in demand after the summer holidays. He is advising sellers to take pricing advice from three local and well-established agents early in September. This will leave the property well positioned to take advantage of the late summer recovery.