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May Market Insight


Regardless of the political zeitgeist, fortunately the property market is kept in motion by those who have a firm need to move house, be that due to a work relocation, a change in family circumstances or for financial reasons. Those who are not fully committed to moving may delay their plans, but those who are set on making the move will continue regardless. Buyers, sellers, landlords and tenants can all achieve what they want if they really want it.


The impact of an election or referendum on the sales market is often likened to when a car brakes whilst driving on the motorway. The car immediately behind brakes a little harder, unsure of what is going on ahead, and the car behind that brakes a little harder still. Before long, a trail of cars are slowing down because others are slowing down, even if the first car only tapped the brake pedal gently to keep within the speed limit! Once a seed of doubt is sown amongst property seekers that this might not be the most prudent time to move, the seed germinates rapidly through hearsay, media scaremongering and a perfectly understandable concern for 'what if?'. In a short space of time, activity in the sales market slows down dramatically. Figures from every election over the last 25 years show that there is usually a dip in sales activity during the campaigning month but each time, once the election is over, everything returns to how it was before the hiatus. With EU negotiations just beginning, the current hiatus may last for a while longer. That said, whilst there have definitely been fewer properties entering the sales market over the last six weeks, serious buyers are not necessarily pouncing on the little available stock. Instead, buyers are carefully researching the market and only making offers on properties that represent the best value.


The lettings market, however, is much more buoyant. An increased amount of properties are coming to the market compared with the same time last year. This could be as a result of some people choosing the rent out their property rather than sell it, with the hope of remarketing it for sale once the political climate has settled. Of these properties being marketed for let, many are going under offer, fuelled by the increase of people who are putting off a property purchase, opting for the short-term safer option of renting.


The next few weeks should provide some political clarity, and with that will come renewed optimism and increased activity in the sales market. For landlords and tenants however, the outlook remains bright!


Average marketing prices for May (based on Zoopla data)


Sales 1 Bed 2 Bed 3 Bed 4 Bed 5 Bed
Chiswick £ 466,775 (-6%) £ 667,218 (-2%) £ 982,384 (-6%) £ 1,480,543 (+1%) £ 1,920,968 (-4%)
Ealing £ 462,719 (-1%) £ 610,174 (-) £ 798,998 (-1%) £ 1,082,192 (+3%) £ 1,511,198 (-3%)
Brentford £ 387,001 (+1%) £ 582,582 (-) £ 779,654 (-1%) £ 1,006,745 (+11%) £ 853,483 (+6%)
Hammersmith £ 609,664 (-3%) £ 1,010,352 (-3%) £ 1,592,958 (-1%) £ 1,151,421 (-4%) £ 3,305,550 (+10%)
Isleworth £ 318,099 (+2%) £ 454,671 (+1%) £ 597,458 (+1%) £ 809,542 (-1%) £ 1,120,483 (-1%)

Lettings (pcm) 1 Bed 2 Bed 3 Bed 4 Bed 5 Bed
Chiswick £ 1,539 (-2%) £ 2,048 (+1%)td> £ 2,760 (-9%) £ 4,445 (+6%) £ 6,023 (+14%)
Ealing £ 1,242 (-) £ 1,802 (-) £ 2,589 (-) £ 2,684 (+3%) £ 3,640 (+1%)
Brentford £ 1,419 (-2%) £ 2,020 (-1%) £ 3,423 (+1%) £ 3,438 (-3%) £ 2,463 (-2%)
Hammersmith £ 1,624 (+3%) £ 2,253 (-4%) £ 3,497 (-4%) £ 3,116 (-6%) £ 3,758 (+1%)
Isleworth £ 1,030 (+2%) £ 1,374 (+3%) £ 1,834 (-7%) £ 1,976 (-11%) £ 2,674 (-19%)