Westfield arrives,with immediate impact on the property market

By SimonWaller, Sales Manager of Winkworth Shepherds Bush & Acton.

A long time coming

Anticipated, debated and by some, dreaded for years,Westfield shopping centre is finally with us. Here atWinkworth Shepherds Bush,we’ve been looking forward to this event for what seems like an age. Our franchisee, Ian Dickson, remembers the project being mooted as early as the mid- 1980’s, but one thing has remained consistent throughout the ‘will they/won’t they years’: the firm belief that the positive effects on both the local sales and lettings property markets would be colossal.

E-mail property enquiries increased by 67% immediately after the centre’s opening and interest in Shepherds Bush in the national media has never been so great and so universally positive.

Immediate effect on local sales and lettings market

Days after the centre opened we were already feeling the effects; registrations of applicants looking to buy and rent inW12 have increased substantially and these applicants are genuinely enthusiastic about the area.

Rental enquiries are coming in thick and fast from staff at the new centre,which has created over 7,000 jobs. And, over the next few months, as these employment contracts become permanent,we are likely to see demand outstripping supply. This will inevitably lead to increased rental values.

Whilst the national sales market continues to struggle, it is clear that Shepherds Bush has become a ‘hot spot’ for buyers, looking to take advantage of the vast array of new amenities and future property price increases.

Westfield changes the experience of living inW12 drastically,with luxury shops, famous high street brands, over 50 new restaurants, new transport links and improved infrastructure having an immediate positive impact on the local quality of life. But, that is not the whole story. A wave of new independent businesses, such as the award-winning Princess Victoria gastro pub, have opened in the wake of theWestfield revolution and many more are likely to do so.

In 1977 The Sex Pistols, a Shepherds Bush band, had a huge hit with their infamous single ‘God save the Queen’ in which Johnny Rotten sneered that, ‘Your future dream is a shopping scheme’ … I wonder what John would make of the old place now?

For a free no obligation market appraisal for either sales or lettings, please contact our office on 020 8735 3266, alternatively email: shepherdsbush@winkworth.co.uk.

Price guide to the Shepherds Bush & Acton area

Property	Sales	Lets
Studio Flat	£160,000 – £200,000	£600 – £900 /pcm
1 Bedroom Flat	£200,000 – £290,000	£900 – £1,400 /pcm
2 Bedroom Flat	£250,000 – £425,000	£1,040 – £1,730 /pcm
3 Bedroom Flat	£300,000 – £500,000	£1,300 – £2,200 /pcm
3 Bedroom House	£350,000 – £650,000	£1,700 – £2,000 /pcm
4+ Bedrooms House	£500,000 – £1,500,000	£1,700 – £3,500 /pcm

HIPy days ahead!

HIPs (Home Information Packs) were introduced in 2007 to give buyers more information about properties and to make the process of buying and selling faster and more transparent.

On December 8 2008, the RT Hon Margaret Beckett, new Housing Minister, announced the following new measures that will be introduced on April 6 2009.

First Day Marketing

HIPs are to be made available to buyers sooner. At the moment sellers and agents can wait for up to 28 days after putting a property on the market before making the HIP available. This provision will be abolished and sellers will have to provide a basic HIP on the first day of marketing their property.

Expanding HIP content

HIPs will have to contain an additional document, the Property Information Questionnaire (PIQ). This will give buyers more useful information about a property; allowing future owners to make an informed decision before viewing a property.

Better Service

The Office of Fair Trading,with the support of the Government, plan to conduct a survey of home buying and selling, looking at competition between service providers (e.g. mortgage providers, estate agents etc…), in order to monitor how well consumer interests are served.

These changes are intended to make sure that consumers receive vital information about a property when they need it,with a HIP available up-front. According to Beckett, a recent survey of 16,000 transactions showed that where a HIP was available, exchanges were completed six days earlier, on average.

Bush tucker

With Shepherds Bush’s five underground stations, the whole capital’s cuisine can be easily accessed but if you prefer to stick close to home, you will not be disappointed with the superb gastro pubsW12 has to offer.

The Princess Victoria – 217 Uxbridge Road A recently refurbished old Victorian Gin Palace. Built circa 1829 and the proud winner of the Time Out – Gastro Pub of the Year 2008, this is fast becoming the place to dine in the Bush.

The Crown & Sceptre – 57 Melina Road Offers good beers and great food; it also has a sizable garden and friendly service.

The Queen Adelaide – 412 Uxbridge Road Just re-opened as a gastro pub, the Queen Adelaide promises good food, beer and wine in an extravagant Victorian setting.

2009: an optimistic view

Sales

2008 has been a testing year.We have gone from bad news to more bad news, and listened to the doom sayers dooming and glooming away. So what actually happened and what is the prognosis for the coming year?

London has always led property market trends and that has meant that we felt the brunt of the worst effects so far. In our area, prices have decreased by between 20-30% from the high point of August 2007. Highend stock suffered the highest percentage fall. However, the opening ofWestfield meant that we have continued to agree sales throughout the last twelve months. Agents in many areas can not say the same.

I am confident that 2009 will see renewed activity in the local property market;we now seem to be heading into a period of stability which will mean that volume of sales should increase along with public confidence that prices are not still falling. Interest rates are now at a record low since 1955,which means that, for the first time in years, it is cheaper to buy than to rent, this will hopefully fuel the first time buyer market. Are we finally able to see the light at the end of the tunnel?We certainly think so.

Lettings

After a very positive start to 2008,with landlords benefiting from long-awaited rent increases and reduced periods of vacancy, more recently the lettings market has become the victim of a lack of activity in sales. An increasing number of owners, choosing to let their property as the downturn in house prices continues, has resulted in an increase in the amount of rental stock, putting pressure on achievable rents. However, the recent opening ofWestfield shopping centre has created 7,000 new jobs and as Shepherds Bush is an affordable option for employees of the centre, rents in the area are stabilising. We are also seeing a growing number of people who are choosing to rent rather than buy while they wait for the economy to recover.

Quality accommodation has been the key to letting successfully and more so with the amount of choice now available. An array of high-end properties has come on to the rental market in recent times causing expectations to rise; high quality presentation is now crucial.

Improved transport links, including the direct link with Clapham Junction, also mean that previous barriers to the area are now breaking down. As we move into 2009, Shepherds Bush will continue to increase in popularity, however sensible pricing and good quality accommodation will continue to remain important factors in renting your property.

Top Lettings Tip

Be wary of agents who overvalue your property in order to win your instruction. If your property is not let and left sitting empty while your agent chases an unachievable rent, it will cost you approximately 2% of the annual rent for each week that it’s empty.

For a free no obligation market appraisal for either sales or lettings, please contact our office on 020 8735 3266, alternatively email: shepherdsbush@winkworth.co.uk.