Images above: Julian Masson, Associate Head of Sales, John D Wood & Co; Four bedroom house currently for sale on Wavendon Avenue
Over the past few months understandably there has been a lot of speculation and uncertainty surrounding the property market. What I can say is that since returning from the lockdown period, we witnessed a surge in activity levels with a substantial increase in purchasers registering and new properties coming on to the property market.
To put this in perspective, despite closing the office for a number of weeks over the lockdown period, this year to date we’ve registered 26% more buyers in 2020 in comparison to 2019. The summer months and the beginning of autumn have been particularly busy for us and we saw a high demand from purchasers, providing a bubble of positivity amongst buyers and sellers.
To give an example, we sold a beautiful house in Fairfax Road, Bedford Park which obtained multiple offers achieving 99% of its asking price. With the rise in people now working from home, we have also seen a rise in buyers moving out to the country with our Surrey and country offices recording a 68% increase of buyers registering with these offices in the same period last year.
The RICS have warned that any boom could be short lived with the majority of estate agents in London predicting house prices to fall over the next year and mortgage availability has decreased as lenders play safe from the economic fall-out from Covid-19 with a substantial drop in products available for purchasers with added complications and stricter lender criteria.
Although unsure with how much longer the buoyancy will last, Chiswick remains a sought-after and desirable location to relocate and has always proved to be very resilient. Despite the rise in people moving out of London to the country, more people in central locations seem to now be relocating to W4.
Julian Masson. Head of Sales. John D Wood & Co.