New west London magazine
Despite the doom and gloom mooted about in the press, the demand for good quality family homes in west London is strong and there is a distinct lack of stock. When property does come to the market, it generally sells quickly and at a good price. There are so many families who, having waited out the recession, have made the decision to crack on with moving as they burst at the seams in their current home. As a result, we have seen some good quality homes reaching on or above the asking price. It’s fair to say, too, that house prices in this area are generally back at pre-recession levels and are unlikely to fall in spite of the slower market some are predicting for 2011.
Last year, the first-time buyer market took a hit and there was a marked fall in demand during the second half of the year – this was thanks mainly to the scarcity of affordable mortgage products. First-time buyers have started to come back this year and they’re heavily supported by the Bank of Mum and Dad. A good first-time buyer property will always sell, as the shortage of property applies throughout the price ranges, but the big money is most definitely to be found in the family house market at the moment.
The story is similar for lettings – in the second half of 2010 to date the level of activity has been quite extraordinary. We simply can’t get enough properties to supply the demand and it’s the same for all agents. We are letting properties at record-breaking speed – within two to three days on average, and there is little chance of this relaxing soon. Many tenants are committing to new tenancy agreements, often with rent increases, as they witness the tough market and fear getting caught up in the competition. There are plenty of prospective tenants ready and waiting to commit and we’re constantly looking out for new rental properties to list.
Click here to download the latest West London magazine, for more market comment and a selection of the area’s best available properties to buy and rent.
For property to rent or buy in west London contact your local Winkworth West London office: