Chiswick outperforms the wider prime outer London market
London’s outer boroughs continue to see stronger price growth than central London zones, with buyers still gravitating towards more spacious properties.
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Overall, outer London boroughs have seen price increases of around 10% on average since the start of the pandemic in March 2020 versus 5% for inner London.
One area that has seen particularly strong outperformance throughout the pandemic period and beyond is Chiswick in West London.
In this new research report , we explore some of the reasons why housing demand is on the rise in Chiswick.
We also explore how the surge in buyer demand has encouraged further real estate development in Chiswick, (both residential housing and innovative commercial spaces to cater for growing employment options), where new development in the area has up until recently been sporadic and largely on the fringes.
Overall, average house prices in Chiswick grew by 9% over the past year to May 2022, outperforming growth of 5% for the wider prime outer London region, according to Knight Frank’s prime London index, and higher than the growth over the same timeframe in nearby Prime Central London areas including Notting Hill, Kensington and Chelsea.
Developers shift focus to West London
Data on housing stock shows that just 8% of homes in the wider borough of Hounslow, where Chiswick is located, were built after 2010. This is about to change, however, at a time when developers are turning their attention to West London in greater numbers attracted by the relative value on offer and recent significant investment into infrastructure including The Elizabeth Line (Crossrail).
For example, in 2021, Knight Frank received over 25 bids from developers for a development site in Chiswick when it came to market, highlighting the depth of demand for opportunities in this West London location alone.
Overall, our report found there are 302 units with planning permission granted in the development pipeline and 137 currently under construction which will be delivered over the coming years in Chiswick. In the wider West London area, new regeneration schemes with the potential for 25,500 new homes and 65,000 new jobs are being built in the nearby areas of Brentford, Acton and White City.