SPRING 2024
ISSUE 10
Horton and Garton Estate Agents
Welcome to Horton and Garton’s latest West London Property News | Spring 2024. As Propertymark members, we have teamed up with Phil Spencer and MoveiQ to bring you the latest insights and trends from the West London property market. Dive into our detailed analysis below.
SALES
The UK housing market shows signs of recovery this spring, with early Easter, return to school, and longer days all contributing to positive market sentiment, albeit at a steadier pace to the traditional Springtime bounce.
Across the wider UK market, there’s reportedly been an uptick in mortgage approvals, with a notable 40% surge from the previous year, as reported by the Bank of England, signalling a stronger inclination to purchase.
Meanwhile, according to Zoopla property listings have also seen an increase, rising by 20%, although the rise in buyer demand has been a modest 4%, indicating that the market currently favours buyers.
This imbalance is further accentuated by a discernible price sensitivity among buyers, who often enter into negotiations or expect price reductions; Zoopla also reported that 41% of property transactions are currently selling for less than the initial asking price.
What does this mean for the West London property market? How much of the overall UK property market climate is felt here on the ground?
Hammersmith and Shepherd’s Bush
In Hammersmith and Shepherd’s Bush, property prices have maintained stability amidst a backdrop of general market softening; there has been very minimal change to average prices over the past year.
Despite more muted changes in property prices over the past 12 months, both house and flat values have enjoyed significant price growth since 2019.
“The local housing market is experiencing a modest recovery this spring, with rising mortgage approvals and listings, though subdued buyer demand and extended sale periods suggest a cautious market recalibration amid mixed economic signals.”
John Horton, Owner and Director
Chiswick
The Chiswick property market, underpinned by its resilience and strategic location, continues to be a beacon of stability in the fluctuating landscape of London real estate.
Throughout the last year, Chiswick’s property sector experienced one of its lowest periods of transactional activity, exacerbated by high-interest rates which influenced market affordability and borrowing.
While Chiswick has not been entirely immune to the headwinds facing the UK property market, its fundamentals remain strong, underlining its status as a desirable location in London’s property scene.
With thoughtful analysis and strategic engagement, there is a pathway through the market’s complexity for informed decision-making.
Louise Jones, Chiswick Manager
LETTINGS
The London rental market has begun the year with a softened stance, experiencing a mild decline in rental prices due to an increase in available properties. This change points towards a re-adjustment after the market volatility observed in recent years. Landlords are finding themselves navigating a more stabilised environment, which requires a dynamic approach to pricing and tenant placement to avoid extended vacancies.
Market sentiment is cautiously optimistic. Although rental prices are not expected to climb steeply, the competitive nature of the market persists. With this competition, there is a necessity for landlords to be more engaged and strategic in their approach. This involves keeping abreast of the swift shifts in local market conditions and ensuring their rental strategies are agile to meet the fluctuating dynamics.
Landlords must remain informed and adaptable to maintain tenancy rates and secure suitable renters.
Aggie Tukendorf, Lettings Manager
A more balanced state
The lettings market is hinting at a transition to a more balanced state, with the supply of rental properties aligning more closely with demand. This equilibrium brings a sense of normality not seen in recent years, suggesting a market that is moving away from the extreme fluctuations of the past and towards a period of steadier, more predictable trends.
This robustness in the rental market is aligning with early signs of stabilisation within the flat market, where the need for price reductions prior to sale is diminishing, suggesting a market correction nearing its end.
As West London estate agents, we remain committed to providing expert insights and guidance. If you would like to discuss any property-related matters further, please contact us for a no-obligation discussion.
