Buyers are looking for their ‘forever home’ in Chiswick
Chiswick estate agents are reporting that pent up demand is leading to a surge in activity in the W4 property market since lockdown restrictions were eased, as reported on local news website ChiswickW4.com
It is just over five weeks since the government allowed people to move and estate agents to show property. Buyers and sellers forced to put their plans on hold are now proceeding, though the way of doing business has changed.
Despite the grim economic background, people still have enough confidence in the local market to make the financial commitment required. Many of the buyers currently seem to be looking for their ‘forever home’ and are prepared to disregard short term volatility in the market. Signs of recovery seen in the first quarter, confirmed recently by the Land Registry, were halted when the lockdown was imposed at the end of the first quarter.
Christian Harper managing director at Harper Finn: “We noticed a spike in activity as soon as the commitment to Brexit has been confirmed and I was looking forward to reporting much better news in Q2. Unfortunately CV-19 caused the market to stop in its entirely, which will certainly be reflected in the Q2 results. May I take this opportunity to thank each and every person who has helped others in Chiswick during this terrible time. Thank you.”
“Even though life hasn’t returned to what we all remember, I am delighted to report that I am expecting much better results from now onwards. The market has returned with a sense or energy that we haven’t seen for some time. I’m not the type to use this as an opportunity to ’sell my wears’ however if you are thinking of selling or letting your Chiswick property, things are looking pretty good! Buyers are back with confidence and tenants are looking to find new homes before the start of the new school year in September.”
Chiswick property market
According to Land Registry data the average sale price in Chiswick so far this year is £1,153,237 with all transactions reported so far having taken place before lockdown. The headline number suggests that the market was particularly strong during the first quarter with the average sale price in the W4 postcode area rising by 20.7% over the same period last year, and an eye-popping 42.6% over the three months at the end on 2019.
The huge quarterly jump was largely down to the sales in the Pocket Living development coming through before the end of last year which artificially drove down the average.
Read the full article here including a table of Chiswick property prices Jan-Mar 2020 broken down into W4 postcode sector areas.