Impact of 'Empire House' on Chiswick Property Market

Estate agents in Chiswick have continued to struggle with a moribund sales market so far this year with turnover remaining at historically low levels. The number of homes changing hands in the W4 postcode area has been similar to time of the banking crisis and the early stages of the Covid-19 lockdown.

As observed on local news website ChiswickW4.com, just over 100 sales have been reported by the Land Registry so far this year. A total of 137 flats and houses make up Chiswick Green, Empire House at Essex Place, which is behind Chiswick High Road (opposite Sainsbury’s).

The outer structure of the building is complete and interiors works are ongoing. Phase 1 of the development, which is owned by Great Marlborough Estates, is expected to be completed in the Autumn.

SUPPLY AND DEMAND

Christian Harper at Harpers of Chiswick is unsure about how Chiswick Green is faring but maintains that the local sales market continues to be very quiet: “I am hoping for a massive uplift if a couple more interest rate reductions take place before the Government makes fundamental changes in the upcoming budget.”

With such low volumes of sales in Chiswick currently, it is impossible to reach firm conclusions about the general trend regarding prices. The average for the W4 postcode area has remained around the million pound mark in the first and second quarters of this year.

Demand continues to be strong for larger family houses with two of the higher priced sales in Chiswick so far this year located in Addison Grove, one at £4,300,000 and the other at £3,750,000. Red Lion House on Chiswick Mall changed hands for £4,250,000.

Read the full article here including insight from Andrew Nunn at Andrew Nunn Associates.

Image: https://www.greatmarlb.com/projects/chiswick-high-road/