Is Chiswick No Longer a Million Pound Postcode?

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Average sale price declines with fewer family houses changing hands

A house on Hartington Road was Chiswick top priced sale in 2024 at £4,650,000

March 2, 2025

The average price of a property sold in Chiswick declined by a fifth during 2024 according to the latest figures released by the Land Registry.

On the numbers reported so far for the fourth quarter of the year, hardly any larger family houses sales have been registered which is dragging down the average. However, when considered in isolation, the average price of a flat or a terraced house in the W4 post code area has risen over the year by more than 5%.

The shift of the balance of sales towards flats has brought the overall average down to £752,651, whereas Chiswick has generally seen this level hover around a million for the last few years, even staying there during the pandemic.

The latest numbers are likely to be subject to revision as more sales are recorded but during 2024 Chiswick has dropped out of the top twenty London postcodes ranked by average price having fallen behind areas like Barnes, St. John’s Wood, Fulham, and Hammersmith.

Leading local estate agents are divided on whether or not this is a statistical quirk or if it represents a fundamental shift in the structure of the local sales market. Some believe that more larger properties are being rented reducing an already very limited stock available for sale.

No transaction involving a house priced at over £2.8million has been reported since last August when 2024's most expensive sale was made on Hartington Road with a six-bedroom home with a garden leading down to the Thames sold for £4,650,000.

Despite hosting homes like this, Chiswick no longer ranks in the top twenty London postcodes ranked by average price having fallen behind areas like Barnes, St. John’s Wood, Fulham, and Hammersmith during 2024.

Andrew Nunn of Andrew Nunn Associates said he found the latest figures surprising having seen activity levels at his office supported by favourable news on inflation and the possibility of rate cuts.

While he points to a traditional time-lag in the reporting of sales by the Land Registry and expects the final turnover numbers to be much higher he does believe that the top end of the market remains fairly dormant and that it was the most heavily impacted by uncertainty relating to the budget in the fourth quarter of last year.

His firm’s latest property market update states, “By the time the Budget came around on the 30th October, 41% of the quarter’s sales had already been agreed! The budget announcements appeared to be quite focused on redefining the term ‘working people’, with the Chancellor opting for a more lenient approach towards property (spare a thought for those buying second homes at this time). The positivity in the property market was compounded a week later when base rate was trimmed for just the second time in over four years, finally dipping back below 5%.

"Surprisingly, and slightly contrarily, the subsequent 6 weeks saw home supply and demand levels in Chiswick gradually cool, before the market’s second wind kicked in in the last week of December. By the close of the quarter, mortgage rates were some 8% up on average and inflation was back above 2%; however, with buyers and sellers seemingly well-accustomed to these economic blips, sentiment remained positive.”

The Andrew Nunn report continues, “As we move through 2025 the market has started briskly, with good demand across all property types particularly freehold family homes – a trend that is likely to continue for at least the first half of the year, thanks to the positive sentiment surrounding the trajectory of interest rates and no major political or economic events anticipated for the foreseeable future. We forecast a steady market with demand outstripping supply, translating into some minor strengthening in capital values.”

Despite the uncertainties, 2024 was a strong year for Andrew Nunn Associates which sold a record 90% of all properties it brought to market.

Top 15 Sales Prices in Chiswick During 2024
Address	Postcode	Transaction Date	Price
35 Hartington Road	W4 3TL	2024-08-01	£4,650,000
10 Addison Grove	W4 1ER	2024-05-22	£4,300,000
Red Lion House, Chiswick Mall	W4 2PJ	2024-02-09	£4,250,000
26 Priory Avenue	W4 1TY	2024-08-23	£4,085,000
5 Homefield Road	W4 2LN	2024-07-12	£3,850,000
30 Addison Grove	W4 1ER	2024-01-18	£3,750,000
6 Priory Gardens	W4 1TT	2024-03-01	£3,250,000
21 Dukes Avenue	W4 2AA	2024-08-15	£3,230,000
76 Dukes Avenue	W4 2AF	2024-03-20	£3,200,000
27 Marlborough Road	W4 4EU	2024-05-17	£3,025,000
64 Barrowgate Road	W4 4QU	2024-03-22	£3,000,000
15 Burlington Gardens	W4 4LT	2024-08-16	£3,000,000
18 Sutton Court Road	W4 4NG	2024-01-24	£2,950,000
1 Blenheim Road	W4 1UB	2024-06-12	£2,900,000
9 Airedale Avenue	W4 2NW	2024-03-22	£2,780,000

Simon Lamb, Property Manager-Residential, at Sworn and Co on Chiswick High Road, looks at a different set data but this broadly confirms the patterns in the Land Registry figures although shows a more gentle fall in the average price of 11% over 2024.

He says, “Rental yields for flats stabilized at 4.9%, while houses averaged 4.2%. Notably, flat rental values saw an annual increase of around 11%, whereas houses experienced a more modest rise of 1.6%. This pattern highlights the strength of the rental market, especially for flats, likely driven by affordability considerations and evolving tenant preferences.”

Simon adds, “Looking ahead, Chiswick’s property market is set for steady growth in 2025. Nationally, house prices are forecasted to rise by 3.4%, with London expected to see a 3% increase. Key drivers such as improved affordability, stabilizing mortgage rates, and sustained demand are likely to support this positive trend. However, growth may vary by location, with more affordable areas potentially outperforming prime central districts. Overall, Chiswick’s attractive amenities and strong community appeal should continue to draw interest from both buyers and renters in the coming year.”

Christian Harper of Harpers of Chiswick said, “It appears that the Land Registry sales figures dovetail with my predictions for the Q1 2025 market. I am delighted to report that we have been pleasantly surprised with a very positive attitude towards actually buying rather than window shopping. Both Leasehold and Freehold markets are active and some could be described as buoyant however we have found the +£3m Black Book (off market, discreet marketing) brisk in terms of initial interest but fairly sticky and frankly hard work! I can't quite explain why but suggest that economic uncertainty, back of mind plans to potentially leave the UK and maybe even VAT on school fees might all play a part in ‘unless its perfect and fairly prices.. we will leave it’.

“Leasehold continues to be more complex. Interest rates pay a significant part in demand with first time buyers. It all remains a bit of a seesaw currently, but demand is definitely stronger than the murky past. In terms of transaction speed, the government really need to look at how Leaseholds can be bought and sold more easily. In our business we estimate its take five times the amount of direct involvement from us to sell a Leasehold property than a Freehold house. Partially down to incorrect paperwork, missing documents and solicitors appearing to have a thirst for more and more indemnity / protection for each any every aspect of the transaction. The phrase ’take a view’ appears to be a relic for the V&A rather than an obvious outcome for minor omissions/errors in most transactions.”

Another local estate agent pointed out that some caution was needed with the latest data as higher priced properties sales can take longer to be recorded on the Land Registry database. This is because the legal and financial aspects tend to be more complex and extra due diligence is required. Issues around payment of Stamp Duty may also delay their appearance in the figures.

However, he adds, “The complete absence of large family homes from the data in the fourth quarter cannot be simply put down to this sort of delay. It does raise concerns that, what was the most reliable part of the local sales market, the one that remained robust through a whole series of crises over the last decade, is faltering. This is possibly down to an increasing proportion of stock ending up in the private rental sector meaning even less is coming to the market. As a result, even if prices are not generally falling this could signify the end of the period that has lasted several years in which the average house price sale in the W4 postcode area was more than £1,000,000.

“This doesn’t mean your home is worth less than it was before but represents a structural change in the composition of the market.”

Chiswick Property Prices - (October to December 2024)
Area	Semi- Det	Sales	Terraced	Sales	Flats/ Mais	Sales	Overall Ave	Total Sales
W4 1	0	0	1644627	4	616833	3	1204144	7
W4 2	929000	2	888000	5	549375	4	772318	11
W4 3	737500	2	781475	2	563600	10	619568	14
W4 4	0	0	1690000	1	568833	6	729000	7
W4 5	951100	2	1072500	5	555934	17	696483	24
Total	872533	6	1154939	17	563697	40	752651	63
Change in Quarter	-60.9%	-60.0%	-15.0%	-41.4%	-9.4%	-39.4%	-27.9%	-44.2%
Change in year	-56.6%	-53.8%	5.7%	-57.5%	5.2%	-20.0%	-20.0%	-40.0%
Change in three years	-47.8%	-64.7%	-8.3%	-59.5%	8.5%	-4.8%	-28.3%	-40.0%
Change in five years	-43.6%	-53.8%	3.1%	-71.7%	15.8%	-69.2%	-1.2%	-69.3%
Change in ten years	-52.2%	-68.4%	4.3%	-73.0%	0.3%	-58.3%	-16.1%	-65.6%

Source Land Registry

Roughly speaking the post code sector areas are as follows:

1 - Bedford Park and the north side of the High Road

2 - The south side of the eastern end of the High Rd down to the river at Corney Reach

3 - The Grove Park area and over to Strand on the Green

4 - The west of Chiswick between the A4 and Chiswick High Rd - (a high concentration of flats)

5 - The north west of Chiswick - Acton Green mainly

If you want to receive regular updates on the Chiswick property market with informed comment from the best local agents

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