There’s no stopping West London
Come what property market may, the desirable streets of west London are pretty resilient. Since mid-2009 and post-recession, the market has been in ascent and the region’s recovery is complete, with prices back at 2007 levels according to Winkworth offices in the region.
In terms of sales, the level of activity in the first eight months of 2010 was remarkable. This can be attributed in part to an acute shortage of stock combined with very high demand from potential buyers. Buyers were competing for too few quality properties and the frustration of finding themselves out-bid countless times led many to offer at, or near, the asking price in order to win their property. In early summer Winkworth agents saw a little more stock enter the market, which was good for all concerned and helped alleviate some of the pent-up demand. So, what is traditionally a quiet period for the property market over the summer months, became some of the best in recent times.
Keeping time with the Government’s announced spending cuts, there is now a gentle air of caution surrounding the property market. Whatever happens, the market will not crash as some doomsayers predict – indeed, far from it. Good quality family homes remain in demand and are still selling at a premium in west London. Just a matter of days before going to print a four bedroom family house in Shepherd’s Bush went under offer at the asking price of £1.2million after just one week on the market. And, in Barons Court, a two bedroom flat sold for the asking price at £365,000 within days. Buyers in west London are remarkably well financed and presenting very healthy deposits and this is unlikely to change. Granted, activity may slow in the coming months and first time buyers may be a little cautious, but correctly priced properties will continue to sell with competition in the family house market continuing.
2010 has been the lettings market’s year. Winkworth’s west London offices were reporting tens of prospective tenants registering with them every day, particularly over the summer and into September. The tenants registering are of an exceptional quality and all student tenants come armed with a guarantor. Likewise, they are willing to pay the price to get the property they want. The result of this insatiable demand is that lettings prices have gone up by 10-15% on average across west London.
The demand is still there in the lettings market, but the pace may be steadying ever so slightly as we approach the winter months. The fact of the matter is that good quality rental stock is very much in demand and landlords will not be disappointed with the returns.
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For property to rent or buy in west London contact your local Winkworth West London office: