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February 9, 2024
Discover the pivotal shifts in the Isleworth property market with our in-depth analysis of the recent 20.7% drop in saleability.
Understand the key factors driving this change, from economic influences to evolving buyer preferences, and learn strategic tips for maximising your Isleworth home’s appeal in 2024.
Don’t let market trends catch you off-guard; read our expert insights below and navigate your Isleworth home selling journey with confidence.
The Isleworth housing market, like many others, has experienced a notable shift in 2023.
The percentage of home sales agreed and moved (completed) compared to those withdrawn from the market unsold has decreased relative to 2022.
Looking at independent data for the Isleworth area (TW7) …
(444 Isleworth area properties exchanged and completed vs 498 properties that withdrew from the agent’s books, unsold).
(299 Isleworth area properties exchanged and completed vs 606 properties that withdrew from the agent’s books, unsold up to the 20th December 2023), meaning there has been a …
It’s interesting to compare that with the Outer London regional and national stats for both years.
In Outer London, 57.42% of properties were exchanged, completed, and moved in 2022, compared to 43.88% in 2023, a drop of 23.6%. Nationally, 65.55% of properties were exchanged, completed, and moved in 2022 compared to 52.39% in 2023, a decline of 20.1%.
This could raise concerns among Isleworth homeowners and potential sellers. As a seasoned estate agent in Isleworth, I have observed these trends closely and offer insights into this phenomenon and strategies to enhance your home’s saleability in 2024.
Economic Influences: much like the rest of the UK, Isleworth has been subject to financial pressures such as inflation and Bank of England interest rate increases. These factors have affected buyer affordability, leading to a more cautious approach to home purchasing.
Market Saturation and Buyer’s Market: 2023 saw a surge in Isleworth properties on the market. This increase changed the Isleworth property market from a strong seller’s market to a balanced market or even a buyer’s market in some parts of Isleworth throughout 2023, where the availability of choices led to a more selective purchasing behaviour.
Changing Buyer Preferences: In Isleworth, buyer preferences have evolved. There’s a growing demand for properties that offer flexible living spaces, energy efficiency, and modern amenities, which not all available homes meet.
Local Economic and Social Factors: Isleworth’s local economic and social developments, such as job market shifts and community developments, have also played a role in influencing the housing market dynamics.
Isleworth properties are still selling, yet not at the rate they were in 2021 and 2022.
Just under 7 out of 20 Isleworth people in 2023 have sold and moved (i.e. the 33.0% figure mentioned above). If you want to avoid being in the 13 out of 20 Isleworth people who were unable to sell and move this year, there are some things that you can do to stack the cards in your favour.
To start with, the saleability levels in Isleworth in 2023 are very similar to the saleability rates between 2014 and 2019.
The decrease in the saleability rate in Isleworth reflects broader economic trends and evolving buyer preferences. However, with the right approach and strategies, selling your home in 2024 can be a realistic and successful endeavour.
By understanding the Isleworth market, pricing strategically, aligning with buyer preferences, and utilising effective marketing and presentation techniques, you can significantly enhance your chances of a successful sale.
As an Isleworth property market expert, I offer more than just transactional advice; I provide insights into what makes our local Isleworth market tick. By partnering with a knowledgeable estate agent, you can confidently navigate these challenging times and maximise your chances of a successful home sale in 2024.
By Pavan Chaudhary 21-12-2023