Chiswick Property News 2021 - Horton and Garton

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Paul Cooney assesses the local market

To the frustration of many house hunters, Chiswick continues to be one of the most desirable places to live in London and is attracting a lot of attention from would-be buyers.

This is excellent news if you're planning to sell in the coming months as at the right price homes are selling very swiftly. Though whilst they're keen to find a home, buyers are airing caution sensibly, so some thought and consideration needs to be put into strategy for selling to see the best outcome.

Here we share a brief update on the Chiswick property market, the trends we're seeing and top tips for buyers and sellers hoping to move in the coming months.

What's happened in the Chiswick property market so far in 2021?

So far in 2021 there have been some clear trends – it is busy, there are lots of buyers looking to buy and they're mostly all seeking bigger homes.

Since the beginning of the year Horton and Garton have registered over 500 new property buyers. Of those searching in W4 almost 80% have a budget of £1million or more, showing us definitively that it is homes in the upper parts of the Chiswick property market that are attracting the most attention.

If you're interested to know what £1million will buy in Chiswick read our recent blog.

One recent report found that Chiswick was the second most popular place in the whole of London with buyers seeking homes at a value of £2million. In correlation to this report, Zoopla records that the average price paid for a property in Chiswick over the past 3 months was £2,427,500 - larger houses are selling as buyers seek more space.

Houses in Chiswick

It's been widely reported that London living requirements changed throughout the pandemic and that house hunters are increasingly listing a garden as a non-compromise, have-to-have item for a new home. The desire for more space both inside and out is clear to see with buyers being quite focused on square footage and even the potential to extend should they so desire in the future.

The demand for houses in Chiswick is currently greater than the supply to the market meaning we are within a seller's market, though it's not quite a traditional seller's market.

Unlike previous periods where buyer demand greatly outstripped supply, where in those times sellers could dictate their price and buyers would happily pay over the odds to secure a home, in 2021 most buyers are remaining cautious in the face of uncertainty as we emerge from the pandemic.

It's also worth noting that not all parts of the market are performing equally, certain price ranges and property types are selling slower than others. That's not to say no one is buying flats in Chiswick, as that's not the case. It's simply that by comparison houses are selling in days rather than weeks.

Tips for buyers and sellers

Both buyers and sellers should be aware that whilst timing is improving marginally it is still currently taking over 12 weeks between sale agreed and completion. The delays are down to lenders often being slow and the local searches from both Hounslow and Ealing are taking longer than usual to be returned to solicitors.

Paul's top tip for sellers: If you're serious about selling in the coming months it's important to have a fair selling price.

Aiming too high from the off can leave your property being advertised online for too long, becoming stale, dropping down the listings and putting off buyers as the logic is often ‘what's wrong with that property if it hasn't sold yet?'

That's not to say you should undersell, far from it. The reality is that you'll likely eventually sell at the ‘fair' price, having endured a long selling journey and perhaps several price reductions along the way.

Buyers are making more decisions sooner in their search based on a property's presence online, with property portals advertising the original listing date you can be sure that being available for sale for months on end is not sending the right signals to potential buyers.

Paul's tip for buyers: There's a lot of buyers all vying for the same properties in Chiswick. If you want to be the buyer who secures the property of your dreams when it becomes available, you need to have your ducks in a row.

Buyers getting a mortgage should have the mortgage agreement in principle ready to share with an agent, ideally you'll be under offer on the home you're selling (if you need to sell to buy) and it can also be a good idea to have chosen a solicitor.

The more ready you are to move forward with a purchase the more favourable your position and strength when offering – it's not always the highest bid that wins.

Final note from Paul

The key to success in this property market climate, whatever the property type, size and condition, is the price and strategy.

As one of the top 3 estate agents in Chiswick for successfully selling homes in W4 so far this year* Horton and Garton can competently advise on the market climate and provide clarity to both sellers and would be buyers as we navigate our way forward and out of the pandemic.

If you'd like to discuss your plans to move with a seasoned local selling agent, please do get in touch with Chiswick Director Paul Cooney, who will be more than happy to lend his advice.

*According to Rightmove.

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March 24, 2021