What's Ahead For The Chiswick Property Market?
Paul Cooney of Horton and Garton Chiswick shares his views on what lies ahead for the Chiswick property market.
Paul Cooney, Director of Horton and Garton Chiswick, who has over 11 years' experience selling property in W4 shares his views on what lies ahead for the Chiswick property market.
To produce any type of forecast for 2021 for the Chiswick property market it's important to look back over the past 12 months and consider the factors which had an impact and where that places us moving forward.
The UK property market entered 2020 with a bang, following the decisive Conservative election win in December 2019 the increased activity in property transactions was dubbed the ‘Boris Bounce'.
The pandemic stopped the propulsion of activity almost altogether with the property market being effectively shut for business during the lockdown. Though some transactions continued to take place many pressed pause and waited to see what happened.
Once the property market reopened mid-May activity rapidly picked up with buyers and sellers looking to make a change after having been stuck at home and realising they didn't love where they lived.
Our statistics are evidence of the busyness in the Chiswick property market – we successfully sold 98% of all the properties we listed in 2020.
While economic forecasters make calculated, considered predictions, the variation in their reports can be confusing. Some outlets are suggesting the property market will see continued growth, others more pessimistic.
Though it is hard to predict I believe 2021 will be a year of stabilisation, adjustment and steady growth.
So, who's going to be buying in 2021?
There's definitely been a higher demand for larger properties in 2020 and this trend is likely to continue. From houses to apartments, maisonettes, mews and cottages – we sold properties of all shapes and sizes in 2020 though there was clearly a stronger demand for homes valued at £750,000 or more with 72% of all our sales in 2020 being at these values.
There simply wasn't enough supply of houses in 2020, priced correctly family homes are selling within days of hitting the market.
After having sat on their hands for a considerable time waiting for Brexit or the election many buyers took action in 2020 despite the pandemic, with many moves triggered by stamp duty holiday.
In Chiswick, the stamp duty holiday has only had a limited impact due to the appetite being for larger homes and many entering the market at the higher end from the off rather than working their way up the ladder. A welcome saving but the stamp duty holiday coming to an end is unlikely to have too much impact on the Chiswick property market.
This said there is still opportunity to successfully complete a transaction before the deadline of 31st March 2021. With the right team working on the transaction, it's very possible. So, if you're hoping to sell or secure a home within the first few months of the year you need to be engaging the best estate agent, solicitor and mortgage broker to get your sale or purchase over the line.
If you'd like to discuss your plans to move, as always I'm available to discuss anytime.
January 8, 2021
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Paul Cooney MNAEA