Wrong time to sell property? It depends on the property, say Horton & Garton

UK Land Registry figures show stagnant housing market, with Chiswick experiencing some of the lowest periods of activity it has had in decades

The latest house price index has been published by the Land Registry, showing a slight drop in residential property prices of 0.6% across the UK last year and a fall in the number of property transactions of nearly 12%. One of the grimmer statistics for London is that it was one of the areas with the highest number of repossession sales in November 2023.

Throughout the last year, Chiswick’s property sector experienced one of its lowest periods of activity. This year is not looking much more promising as the uncertainty of a General Election always makes people cautious about moving.

But if you do want to move, look beyond the headlines, says John Horton, owner of Chiswick estate agents Horton & Garton.

Chiswick Property Market Update | Spring 2024

Whilst some data outlets may paint a less positive outlook, it’s useful to look at long-term trends and recent activity to make a well-informed decision when moving house.

The Chiswick property market, underpinned by its resilience and strategic location, offers relative stability versus the fluctuating landscape of the wider London property market.

Throughout the last year, Chiswick’s property sector experienced one of its lowest periods of transactional activity, exacerbated by high interest rates which influenced market affordability and borrowing. Despite this, detached homes in the area maintained their value appreciation; over the past five years the average price of a house in Chiswick has grown by 13.3%, according to the Land Registry.

On the contrary, the apartment sector corrected moderately, reflecting market recalibration post-pandemic. For example, comparing the average sold price of a two-bedroom apartment in W4 at the end of 2019, to the latest recorded average sold price from Land Registry, excluding new build properties, there has been a change of -7.62%.

As the year concluded, average property prices in the W4 area declined; the overall average sold property price in Chiswick, as reported by Land registry, is now just under £871,000, down from a year ago, when the average was £890,000.

This contraction may not fully reflect the market’s current trajectory as of Spring 2024 and is in part due to the low transaction volume in the later part of 2023.

It is important to note, however, that throughout these changes to the broader market, high-value property transactions have persisted, particularly in the family home segment, with the average price of a detached house in Chiswick now fetching just shy of £2.05 million.

In alignment with the sales market, Chiswick’s rental sector displayed strength with rising rents, despite a shrinking number of available flats, indicative of a market with reduced supply but consistent demand.

This robustness in the rental market is aligning with early signs of stabilisation within the flat market, where the need for price reductions prior to sale is diminishing, suggesting a market correction nearing its end.

The divergent trends within Chiswick’s property types emphasise the importance of nuanced understanding for potential buyers, sellers, and investors.

“While the local market has seen a modest improvement in housing stock and a noticeable uptick in quality buyers at the turn of the year, the overall market is cautiously optimistic, with signs pointing towards stabilisation.” John Horton, Director

Considering the significant decrease in property transactions across England at the end of 2023 and the cautious recovery in mortgage approvals from the downturn at the end of the year, Chiswick’s property market presents a composite picture of challenges and resilience. It is imperative for those involved in the market to stay abreast of these trends and to leverage the expertise of seasoned agencies like Horton and Garton to navigate the current landscape.

While Chiswick has not been entirely immune to the headwinds facing the UK property market, its fundamentals remain strong, underlining its status as a desirable location in London’s property scene. With thoughtful analysis and strategic engagement, there is a pathway through the market’s complexity for informed decision-making.

Talk to Horton and Garton about your plans to move.

Horton and Garton sponsor The Chiswick Calendar website.

Read more stories on The Chiswick Calendar