Image above: Five bedroom Victorian terraced house currently on the market with John D Wood & Co
Guest blog by Julian Masson
The property market for sales in the second quarter of the year was extremely busy as buyers and sellers across the country took advantage of the extension to the Stamp Duty holiday. Across our John D Wood & Co offices we recorded a record-breaking June, selling more properties than any June over the past decade. In fact, the number of properties sold across the business in June 2021 was greater than the total for June 2018, 2019 and 2020 combined.
This trend was reflected in our Chiswick office where we saw offers agreed, exchanges and completions increase dramatically leading up to the Stamp Duty deadline. Since the pandemic, the market in Chiswick has continued to perform well. We have experienced a continued increase in buyers relocating from central London locations with many people moving for space, both internally and externally, seeking to accommodate a more flexible working approach. This in addition to the consistent rotation of people upsizing and downsizing in Chiswick.
Purchasers have had to be quick off the mark, often competing with a number of other buyers in similar or better positions. This has resulted in some properties selling over the asking price or even selling prior to launching on the open market. Most recently, we sold a remarkable six-bedroom family house ‘off-market’ (whereby the property has not yet launched online) which achieved competitive bidding and sold for just under £4,000,000. Likewise, we have recently agreed a smaller terraced house off-market, on the borders of Bedford Park which is under offer to a chain-free cash purchaser. This has become a common trend in Chiswick, so it is crucial for buyers to register their search criteria, even if that agent may not have a property of interest online as they may miss out.
Over the past few weeks, we have noticed a slight slowdown in activity levels, presumably as people wait for the dust to settle following the Stamp Duty holiday deadline, thus taking a more considered and careful approach when viewing properties. This slight lull was expected after the manic rush, and we believe the high levels of interest will swiftly return in the coming weeks. The vaccination roll-out and the gradual easing of the lockdown restrictions coupled with the return of the warm weather will no doubt add momentum to the property market. We are still registering a healthy number of motivated purchasers every week and provided the property is marketed and priced correctly, they are still attracting a great deal of positive interest.
The lettings market over the past few months has also performed well with most of what we take on letting within days of launching. We have witnessed high levels of new applicants registering their search criteria but a lack of rental properties coming on to the market. With fewer instructions and more people searching, we are hoping to see a rise in prices over the coming months, especially as we enter the peak summer market. As before, those with outside space will have a better chance of securing a higher rental value in a quicker timescale.
Julian Masson is Branch Manager and Head of Sales at John D Wood & Co. in Turnham Green Terrace
John D Wood & Co.
68 Turnham Green Terrace,
Chiswick, London, W4 1QN
Tel: 020 8995 9394
Club Card offer
John D Wood & Co sponsors The Chiswick Calendar and are members of our Club Card scheme. If you’re thinking of selling your house, John D Wood & Co. offers our Club Card members a 35% discount on their standard sole agency fee. See more about their Club Card offer here: John D Wood & Co. Club Card offer.