W6 Property Market Update – November 2022

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West London Estate Agent, Horton and Garton share an update on the Hammersmith property market with additional input from a local financial advisor on the current mortgage market. (Ad)

As we move through the final months of 2022 there’s a cool down taking place, not just the weather, but in the property market too.

Market activity in W6

As property price growth slows across the country, the Hammersmith property market is also experiencing price adjustment as we move into a more challenging market.

It’s clear to see that activity across the W6 sales market has reduced with just 15 sales agreed by all agents in the W6 area throughout October according to Rightmove. Comparatively, in September 29 sales were agreed and in August there were 58 sales agreed across all selling agents in Hammersmith.

Hammersmith remains to be very robust compared to some other areas, largely due to it being a perfect compromise for buyers who are looking for more value and outside space within a budget that would not be possible further into central London.

Pricing is key

The volume of buyers searching for a property to buy in Hammersmith has reduced and whilst those buyers out searching for a property to buy in W6 are acting swiftly and decisively when they identify a property they like.

For vendors this means that less viewings are taking place, and whilst this might make some wonder if now a good time is to sell, the answer is yes – if you are selling for the right price and with motivation. Overpriced, speculative sales are unlikely to see much interest in the current climate.

Navigating a changing market

Given that the buyers actively searching for property to buy are serious and committed to finding a home, vendors should consider every offer carefully. Estate agents are all too aware of the first offer ‘curse’, when sellers are often loathed to accept an early offer believing they might be able to secure a better figure. That early offer is often a very good offer, and the seller might find themselves having to accept a lower figure down some time later, should they choose to reject a strong offer at the beginning of marketing.

In a changing market it’s wise to listen to the professionals who work in the market day in day out. The more seasoned estate agents among us will have seen several market cycles and be a

Similarly, if you’re seeking to borrow money to buy a property, speaking to a mortgage broker can ensure you gain the very best option available for your circumstances.

Mortgage market update from James Muncaster of Chagnon Financial

Following the fall out of the Mini Budget, the well-publicised increase in mortgage rates has peaked. Since the change of power in the Government and more fiscally responsible policy, banks have started the reduce mortgage rates. Already in the past week, 5 lenders have announced rate cuts to fixed rate mortgages. Some of these reductions have been by as much as 0.5%. Based on the SWAP Rate markets (How banks base their lending rates), there is more room to go, so we could see a good end to 2022, which will be welcome! We are not going to see 1% or 2% rates but if it is 4-4.5%, then that is much more palatable.

There is also better news on forecasted Base Rate rises and even with an expected 0.75% rise, it means that Tracker Rates and Discounted Rates, which are much lower, have improved value and well worth a conversation.

To speak with Horton and Garton regarding your plans to buy, sell, let or rent a property in Hammersmith please do get in touch.

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November 9, 2022