Guest blog by Julian Masson
The property market in the first quarter of the year has been extremely competitive in Chiswick, due to an increase in demand combined with a lack of supply.
According to Rightmove, the number of available properties in W4 for the first quarter of 2021 was roughly 25% more than in the first quarter of 2022, which is a substantial drop in any period. With the lack of supply, the house market in particular has continued to perform very well.
In fact, ten of the last twelve houses we listed on and ‘off-market’ achieved impressive offers with the majority reaching levels at or above their asking price, a very encouraging result and suggestive evidence that house prices in the area have indeed increased.
To provide a couple of examples, we listed a house on Wavendon Avenue which has been agreed substantially over the asking price. Within a week we received over thirty viewing requests and multiple sealed bids.
Another we listed on Rusthall Avenue had the same experience with over twenty five viewings, six sealed bids and an offer agreed well above the asking price, which was also within the space of the week. In my opinion, how an agent presents your property is absolutely crucial to achieving a premium price.
Image above: 69 Rusthall Avenue, sold by John D Wood, Chiswick
One of the toughest challenges we have faced over the past few months has been trying to find our vendors a suitable onward purchase. Many of the sales we have recently agreed have been left with an open chain with the continued lack of available property. A number of our sellers who have been prepared to break their chain and move into temporary rented accommodation or found alternative arrangements have capitalised on motivated buyers.
With interest rates rising and increasing inflation, inevitably prices will be affected. As we move further into the spring market, we believe more property is likely to come on which will provide buyers with more choice and hopefully a bit more time to make a decision, which will in turn stabilise prices and subdue the current competitive nature we have recently witnessed.
Image above: College House on Chiswick Mall, recently listed for £3,000,000
John D Wood & Co moving to bigger premises in Turnham Green Terrace
In other news, we are delighted to announce a move across the Terrace! We recently secured much larger premises for our Chiswick office, a far more prominent location at 45 Turnham Green Terrace.
With substantial window displays, the new position will allow us to provide our clients with greater exposure for their properties and a comfortable place to meet and discuss all of their property needs. The team and I are very excited about the move, which is likely to take place within the next few months and we very much look forward to welcoming future and past clients to come to see our lovely newly refurbished office. What a perfect year for us to make the move as we celebrate our 150th Birthday!
With the return of sunnier days and blossoming trees, coupled with the current market conditions, spring is a fantastic time to sell a home. We invite all to request our services in providing you with a complimentary up to date market appraisal. Our highly professional, well-trained and passionate sales and lettings teams have a thorough understanding of the property market in Chiswick and would be more than happy to provide helpful, honest advice when it comes to selling, buying, renting or letting your property.
Julian Masson is the Branch Manager and Head of Sales at John D Wood & Co. in Chiswick
John D Wood sponsors The Chiswick Calendar and is a member of our Club Card scheme, offering Club Card holders a 35% discount on their standard sole agency fees. For full terms and conditions please visit their branch or website.
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