Head of
Harper Finn, Christian Harper says competitors are setting high valuations out of desperation, as reported on local news website ChiswickW4.com.
This is in response to the latest official Land Registry figures that show the average property price in Chiswick rose by a fifth over the last year, to just under a million pounds.
Christian Harper warned prospective purchasers against 'buying into a dream' and accused some of his competitors of overvaluing properties in a 'desperate' attempt to win instructions. Given the uncertain economic background, he believes that only realistically priced property will sell and expects there to be fewer estate agents on Turnham Green Terrace in the future.
'Ridiculous' valuation ranges
He said: "I think it's fair to say that the Chiswick property market in 2016 is a different landscape to many previous years, despite what some clients are being told. With unsettled world economics, elections, talk about in or out of Europe, a change to stamp duty and property taxation, the market is bound to be affected."
Overall the average price of a property in the W4 postcode area rose by 22.1% in the first quarter of the year to £997,434. The corresponding period in 2015 saw prices fall due to concerns about the election and the possibility of a 'Mansion Tax' being imposed. Most of the rise in the headline number is due to larger properties being sold in the most recent period. Prices of flats and terraced houses have only changed marginally over the last 12 months.
The top price paid so far this year was £4,500,000 for an 8 bedroom semi-detached house with an outdoor swimming pool on Chiswick Lane. Generally, however, the top end of the market has been relatively quiet.
Christian added: "The biggest problem I face when I visit clients is that they are still receiving ridiculous valuation ranges. One recently had a £750,000 spread in valuation between different agents "
He said there were wild overvaluations due to desperation on the market and predicted that agents would soon start to move out of Turnham Green Terrace. "In summary I suggest that if you are looking to sell, don’t buy into a dream, ask a local expert."
Read the full article for
Land Registry March data and the latest survey by the Royal Institution of Chartered Surveyors.
ChiswickW4.com is the only place that you will find detailed analysis of the Chiswick property market.
The top price paid so far this year was £4,500,000 for an 8 bedroom semi-detached house with an outdoor swimming pool on Chiswick Lane. Generally, however, the top end of the market has been relatively quiet.
Christian added: "The biggest problem I face when I visit clients is that they are still receiving ridiculous valuation ranges. One recently had a £750,000 spread in valuation between different agents "
He said there were wild overvaluations due to desperation on the market and predicted that agents would soon start to move out of Turnham Green Terrace. "In summary I suggest that if you are looking to sell, don’t buy into a dream, ask a local expert."
Read the full article for Land Registry March data and the latest survey by the Royal Institution of Chartered Surveyors.
ChiswickW4.com is the only place that you will find detailed analysis of the Chiswick property market.
