November 23, 2016
Chiswick Housing Crisis? Only 5.4% of Chiswick Homes Are For Sale
The Chiswick Property Market continues to disregard the end of the world prophecies of a post Brexit fallout with a return to business as usual after the summer break.
The challenge every Chiswick property buyer has faced over the last few years is a lack of choice – there simply hasn’t been much to choose from when buying (be it for investment or owner occupation). Levels are still well down on what would be considered healthy levels from earlier in this decade, as there is still a substantial demand/supply imbalance. Until we start to see consistent and steady increases in properties coming on to the market in Chiswick, the market is likely to see upward pressure on property values continue.
However, there may be hope for first time buyers, with homeowners looking to move upmarket and buy to let landlords looking for their next investment, the Chiswick property supply crisis just might be starting to ease, as the number of new properties coming onto the market in Chiswick has increased.
For example, last month W4 saw 203 new properties coming on to the market, not bad when you consider in the last year the figure has been as low as the 110’s. With the average Chiswick property value hitting a record high, reaching almost £1,104,200 according to my research, this shortage of properties on the market over the last two years has contributed to this ‘fuller’ average property figure, but there is a glimmer of hope that the Chiswick’s supply crisis may be starting to ease.
As I write this article, 5.4% of Chiswick properties are up for sale. In terms of actual chimney pots, that equates to 885 properties on the market in Chiswick (within 1 miles of the centre of Chiswick) – which, when compared to only a year ago when that figure stood at 673, is a serious increase in the number of properties available to buy. Split down into the type of property, it makes even more fascinating reading…
- Detached Properties in Chiswick – 56 on the market a year ago compared to 30 on the market now – a decrease of 46%
- Semi Detached Properties in Chiswick – 55 on the market a year ago compared to 75 on the market now – an increase of 36%
- Terraced Properties in Chiswick – 91 on the market a year ago compared to 150 on the market now – an increase of 65%
- Flats / Apartments Properties in Chiswick – 410 on the market a year ago compared to 551 on the market now – an increase of 34%
With realistically priced properties flying off the shelves and this increase in new properties (especially semis and terraces), this is evidence of strength in the Chiswick housing market that many didn’t expect. Many believed that the Chiswick property market wasn’t going to be strong enough post Brexit – as what was a sellers’ market before the Brexit vote and Buyers’ market in the early months after it, may now be somewhere in between and the market might just be coming back into balance.
However, all this will mean property values won’t continue to grow at the same extent they have been over the last 12 to 18 months, and in some months (especially on the run up to Christmas and early in the New Year), values might dip slightly. This won’t be down to Brexit but a re-balancing of the Chiswick Property Market – which is good news for everyone.