Isleworth (TW7) Housing Market Update – June 2024

04 June, 2024

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Lettings

The housing market in Isleworth (TW7) follows broader trends observed in the London area, influenced by the same economic factors impacting the capital. Here's a tailored update for Isleworth based on the June 2024 House Price Index and local market specifics:

House Prices:

Average House Price in Isleworth (TW7): Similar to the London average, house prices in Isleworth are relatively high compared to other regions. While specific numbers for Isleworth are not detailed in the provided report, the average house price in London is £535,700.
Annual Change: The report indicates a 0.4% decrease in house prices in London on an annual basis, reflecting a modest decline in the area

Market conditions

Interest Rates: Higher borrowing costs have had a significant impact on the market. Mortgage rates are expected to remain in the 4-4.5% range, which will continue to influence buyer affordability and overall market dynamics
Sales Activity: Despite higher mortgage rates, sales volumes have shown resilience, with a significant number of sales either completed or in the pipeline. This indicates cautious optimism among buyers and realistic pricing strategies by sellers

Trends and Projections:

Short-term Outlook: The near-term outlook for the Isleworth housing market is closely tied to mortgage rates and general economic conditions. Any reductions in base rates could boost market sentiment and sales activity. House prices are expected to rise slowly, aligned with household income growth over the next 1-2 years.
Long-term Trends: The broader London area, including Isleworth, is expected to underperform compared to the UK average in terms of house price growth as prices realign with incomes. Real income growth will be crucial to supporting sales and demand.

Key Factors for Isleworth Buyers and Sellers:

Affordability: House prices in Isleworth, like much of London, are considered expensive on various affordability measures. Buyers are leveraging longer mortgage terms to enhance their purchasing power despite higher interest rates.
Market Resilience: The housing market has shown resilience, with fewer forced sales and a stable employment rate helping maintain price levels despite economic pressures.

Summary:

The Isleworth housing market is experiencing similar trends to the rest of London, with modest price declines and resilient sales activity despite higher mortgage rates. Buyers and sellers in Isleworth should stay informed about interest rate trends and be prepared for a market that is likely to see slow, steady price growth in line with income increases over the coming years.

For the most specific and up-to-date data, speak to one of our experts at Oakhill.

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