Summer 2024
ISSUE 11
Horton and Garton Estate Agents
Welcome to Horton and Garton’s latest West London Property News | Summer 2024. As Propertymark members, we have once again teamed up with Phil Spencer and MoveiQ to bring you the latest insights and trends from the West London property market.
SALES
Recent events’ impact on the local market
Despite distractions from the General Election, sporting events, and the summer holiday season, the market has continued undeterred in a steady manner over the past month. According to Rightmove’s latest data, the volume of new sellers entering the market in June 2024 is up 3% from last year, and sales agreed have increased 15%. This in turn will boost transaction levels in 6-8 weeks as these transactions are complete. A Bank of England Base Rate cut is expected in August or September which is also predicted to boost the Autumn market.
The new government, with a strong majority, is swiftly implementing its housing-focused manifesto. Chancellor Rachel Reeves has reintroduced mandatory housing targets, aiming for 1.5 million homes in five years by easing planning restrictions and incentivising developers. Locally this may encourage further regeneration and new projects being unveiled beyond current developments in progress.
“The tides are now turning with a busier outlook for the months ahead. Greater political certainty and the expectation for reduced interest rates which will bring greater fluidity to the local market.”
John Horton, Owner and Director
Chiswick
Taking a longer-term view, over the past year, property prices in W4 have shown a period of steady adjustment. According to Land Registry data, the average sold price has remained relatively stable, hovering around £869,000.
Capital appreciation has moved at varying rates depending on the type of property. One-bedroom flats and smaller two-bedroom houses have experienced positive appreciation, with two-bedroom houses seeing a healthy 6% rise.
Potentially due to a slower start to the year, in terms of transactions, Q2 2024 experienced monthly sales volumes of less than a third of what they were over the same period last year.
Chiswick continues to command premium prices as an incredibly desirable place to live. It’s of little wonder than a quarter of our registered buyers already reside in W4 and are planning to stay!
Louise Jones, Chiswick Manager
Hammersmith and Shepherd’s Bush
Similarly to neighbouring Chiswick, data from the Land Registry for Hammersmith and Shepherd’s Bush reports muted transaction levels through Q2 2024, possibly due to deferred moving plans and a limited supply of available homes despite continued buyer interest.
The past 12 months have shown interesting price trends. From mid-2023 to the end of last year, prices were marginally lower compared to the previous year. However, in early 2024, average prices have edged above those of the previous year.
On the ground, there has been a noticeable influx of buyers despite the quieter pre-election period, reflecting confidence in the area and growing acceptance of current interest rates. The average buyer budget in June was £917,000, with around one in seven purchases proceeding with cash, indicating a strong market for sellers looking to take advantage of motivated buyers.
LETTINGS
Whilst we have experienced a 33% increase in registration from potential tenants in Q2 2024 compared to the same period in 2023, tenants are less inclined to pay inflated prices. The London rental market is currently characterised by high rents, but properties need to be priced correctly to avoid becoming stagnant and potentially suffering void periods. While the urgency in the market has stabilised, rent increases are not matching the rapid pace seen in 2022 and 2023. Additionally, many landlords are choosing to sell their properties in 2024 due to rising interest rates and the desire to release equity.
The abolishment of Section 21 and ‘no-fault’ evictions is one change that landlords will be most interested to see in practice and its success will predominantly depend on the courts, as delays in the legal system currently can make the process drawn out.
Aggie Tukendorf, Lettings Manager
Renters Rights Bill – What we know so far
Announced in the King’s Speech on 17 July 2024, Labour has pledged to overhaul the private rental sector, promising to abolish section 21 evictions, prevent exploitation, and raise housing standards as part of a Renters’ Rights Bill.
Sir Keir Starmer’s comprehensive proposal also allows tenants to challenge rent increases, request pets, and enforces Awaab’s Law, which sets deadlines for landlords to make homes safer. This law is named after Awaab Ishak, a child who died due to mould exposure in social housing.
Horton and Garton hope to see a comprehensive plan, with clear timelines, to ensure all changes are implemented smoothly. We will of course share details with our landlords as we receive it.
Making a move in 2024
The West London property market remains dynamic, with both challenges and opportunities for buyers, sellers, and landlords. Horton and Garton are well-equipped to navigate these trends and support clients through their property journeys.
If you would like to discuss any property-related matters further, please contact us for a no-obligation discussion.
