West London Property News

Autumn 2024

ISSUE 12

Horton and Garton Estate Agents

Welcome to our West London Property News | Autumn 2024 Review of Chiswick, Hammersmith, and Shepherd’s Bush, some of London’s most desirable areas, known for their family-friendly communities, independent shops, and excellent transport links.

In this update, we not only cover the latest property market movements but also provide essential advice for buyers and sellers as we approach the end of 2024.

SALES

Overall, the property sales market across West London has shown resilience throughout 2024, with those who come to market at a fair value experiencing strong demand, and selling successfully.

Chiswick

The Chiswick market has seen over 490 transactions in the last 12 months. Buyer caution, ahead of this month’s Budget, has slowed activity slightly, but we expect transactions to bounce back as Budget uncertainties ease.

Prices have remained stable, with the average sale price fluctuating between £814,000 and £884,000. Prime properties in Chiswick continue to attract premium prices; the most expensive house fetched £4.3 million.

“We anticipate a stronger market once Budget concerns are resolved, particularly with further mortgage rate cuts expected later in the year. Sellers can capitalise on this demand by pricing strategically and making the most of the renewed buyer interest.”
John Horton, Owner and Director

Hammersmith and Shepherd’s Bush

Hammersmith and Shepherd’s Bush remain hotspots for families, professionals, and students, due to their excellent amenities and transport links.

Flats dominate the market in W6 and W12, accounting for 63% of sales and with an average selling price of £510,546. Prices in the area have continued to rise gently, with two-bedroom flats seeing a 4.5% annual price increase.

Houses in the area sold for an average of £1.2 million. Despite the lead-up to the General Election earlier this year causing some market slowdown, prime properties remain in high demand, with the highest-priced flat sold for £2.4 million and a house for £5.25 million over the past 12 months.

LETTINGS

Despite the rental market in London having reached record highs, with average monthly rents now at £2,694, up 2.5% from last year, the increased pressure on landlords continues to result in many choosing to exit the market. Rising regulatory costs and concerns about capital gains tax (CGT) and inheritance tax (IHT), which may be affected by the Autumn Budget, are driving many landlords to consider their future plans.

Rightmove has called for more tax relief for landlords to stabilise the rental market, citing the need to encourage investment in energy-efficient upgrades to meet stricter EPC requirements. Tenant demand remains incredibly strong, and competition to secure limited stock is high.

Though rents are at record levels, many landlords are feeling the pressure from rising costs and new regulations, prompting some to exit the market. Despite strong tenant demand, some relief in the upcoming Autumn Budget, or soon after, would be greatly welcomed to help stabilise the market.
Aggie Tukendorf, Lettings Manager

In Hammersmith, where student property is in particular demand, renewals are high and yields continue to rise. Appealing to a slightly different demographic, Chiswick’s rental market is strong with demand for family houses outweighing supply to the market.

Renters should be prepared for continued upward pressure on rents, although we may see some stabilisation if government policies support landlord investment.