Nunn...the Wiser

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Ad - Market Update Quarter 3 2024

Andrew Nunn Associates have produced another quarterly review of the property market.

Mateo Asminian in Sales says:

The third quarter of 2024 saw buyers and sellers return to the Chiswick property market with some renewed focus. After a cautious period between Rishi Sunak’s announcement of the general election in May and the election itself in early July, activity picked up, buoyed by news that inflation had returned to the Bank of England’s 2% target. As expected, the school holidays and warm weather caused a seasonal dip in activity during August, despite the first drop in the base rate since March 2020. Inflation picked up slightly in August but held steady in September, and while the Bank of England left the base rate unchanged, mortgage rates were on average 14% more favourable at the end of the quarter than they were on July 1st , serving as a catalyst for a brisk end to the quarter.

Katherine McDowall from the Lettings division says:

The fluctuations in supply and demand in Chiswick are significantly influencing the rental market. Some property types are experiencing higher demand and rising rents, others are seeing reduced interest and price adjustments. The overall market appears to be adjusting to these dynamics, with some properties requiring price reductions to secure tenants. The shift in mar ket conditions suggests a transitional phase, where supply and demand imbalances are realigning, with some properties taking longer to let..

For the full report, please click on q2-2024-newsletter.

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October 10, 2024