Phil Spencer sits down with Horton and Garton to discuss the latest property trends
Chiswick Property Market | Update July 2024
Whilst Chiswick continues to be an incredibly popular place to call home, the property market here in W4 is influenced by broader economic and political factors. For those making property related plans over the coming months Horton and Garton have teamed up with Phil Spencer and MoveiQ once again to share a local market update.
While some homeowners may have delayed moving due to the General Election, most found the outcome inconsequential. The market has been more significantly influenced by the availability of specific property types and interest rate fluctuations.
The market has moved at different paces depending on the type of property, with certain properties experiencing greater demand than others; two-bedroom houses for example have experienced a 6% rise in values over the past 12 months.
As people adjust their plans, market momentum is gradually rebuilding through the summer months.
Staying Power
A notable trend is that many local downsizers prefer to stay in Chiswick; 23% of active buyers registered already own property in the area. This results in larger properties becoming available while increasing demand for smaller properties, leading to a shortage in the £1m to £2m price bracket.
Turnaround Time Expectations
Whilst transactions are largely reported to have slowed down across the country, Horton and Garton recorded an average turnaround time from marketing to offer in Q2 of just 61 days, quicker than Rightmove’s reported average over that period and significantly faster than the first quarter.
Moving in 2024
The recent General Election saw some sellers hedging their bets, awaiting potential interest rate cuts. With the election behind us, there’s anticipation that the Bank of England may lower rates in the coming months, providing a psychological boost to the housing market. Homeowners with long-term selling plans are encouraged to contact Horton and Garton.
Watch the full update:
Talk to Horton and Garton about your plans to move.
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