Transaction levels in residential property have continued to plummet. Currently less that a property a day is selling in the Chiswick area. Local news website
ChiswickW4.com reveals that only 70 sales have been reported to the Land Registry for the second quarter of this year.
With less than a home a day selling in W4 local experts believe fundamental change needed. Christian Harper at Harper Finn believes part of the answer lies in a reduction in transaction costs: “I can’t think of another industry able to expand with new shops when the possible turnover has reduced."
Estate agents must trim fees
"I know I sound like a turkey voting for Christmas but isn't it time estate agents adapted their fee model and stopped making so much money? On a positive note, over the past six months 'online only’ agents such as
Purple Bricks have gained a huge market share in Chiswick at the expense of the ‘walnut veneer’ brigade on Turnham Green Terrace.
"Now clients have many more choices when selling or letting: traditional agents charging high fees, online only agents charging pennies in return for the vendor doing some of the work, or hybrid professionals like Harper Finn who do all of the work, but at a fraction of the fee."
Christian points out that
Bairstow Eves (an agent within the
Hamptons International and
John D Wood group) now offers an alternative to traditional agency by charging from £999 including VAT to sell a house. "With this in mind, how long can John D Wood and Hamptons (both on Turnham Green Terrace) justify the fees that they currently charge to sell and let property in Chiswick?"
What is the view of other local estate agents?
Andrew Nunn at
Andrew Nunn & Associates and Paul Cooney at
Horton and Garton share their insights
here.
With such low volumes the direction of prices remains difficult to calculate but the overall average for the W4 postcode are remains just below the £1,000,000 mark. The price of the average terraced house in the area still averages over seven figures.
Despite the broader lack of activity in the market there is still demand for large family houses in the Chiswick area. A five bedroom detached house on Wellesley Road sold for £3,100,000 and a six bedroom semi-detached property on Airedale Avenue changed hands for £2,675,000.
Read the full article including detailed postcode analysis of the Chiswick property market.
