Winkworth has released its Westfield report, the first of its impact analyses which look at how specific projects affect the local residential property market. The report shows how the opening of the Westfield shopping centre in Shepherd’s Bush in October 2008 has had a significant impact on the surrounding areas (Shepherd’s Bush, Hammersmith and North Kensington) and has influenced trends in the local markets despite the global economic and property market decline.

The average home in the area is now worth £529,762 [Land Registry], 5% above the peak seen in 2007. By comparison, average property prices across the whole of Greater London are still 2.3% below their 2007 peak.

Part of the reason for this is the high demand for family houses in the area and a shortage of stock, resulting in some properties being sold at prices up to 20% above the 2007 peak.  The number of new buyers registering in the area has risen 13% in 2011 compared to 2010 as confidence in the housing market increases. In late summer 2011, demand was as high as it has been since the nadir of the recession in early 2009 and 23% higher than its previous peak in spring 20101.

In the rental market, average rents now stand at £2,700 per calendar month1. The number of rental properties rented out by Winkworth reached their highest point in two years in autumn 2011 and were 35% higher than at the same point in 2010. However, the overall trend shows the number of new rentals in the area has slowly fallen over the last two years due to low levels of rental stock rather than a fall in demand.

Carl Burgess, Winkworth Shepherd’s Bush, commented:

“Home owners seldom relocate to an area because of a specific retail outlet. It is the overall outlook for an area, including transport, schools, retail and leisure that ultimately persuades an individual or a family to move.

“However, our research has shown a marked rise in the number of applicants seeking property in Shepherd’s Bush and nearby since Westfield opened. Furthermore, the upcoming regeneration of Shepherd’s Bush Market and the Wood Lane Studios development will strengthen interest in this sought-after area for families and professionals alike.”

A copy of the report can be read here.