Low stock and ever increasing demand - still dominating house prices in Shepherds Bush and Hammersmith
It’s a tough time for most people at the moment and the events which have dominated the months of September and October could not have been predicted across the wider economic and political spheres. This has lead to a unusual start to the Autumn market, as we face new challenges over the winter months and persevere as the economy adjusts after Covid.
However that said, the property market has remained resilient and buyer demand has been constant - What's interesting is the quality of enquiries we have received especially over the last 8 weeks. As fixed mortgages begin to settle we are noticing buyers are more cautious, but not put off as west London remains a key destination for buyers and investors.
On Sales, September and October saw good activity throughout the property market showing that there is strong demand from highly motivated buyers who are keen to move in the coming months. The traditional drivers to people moving remain a constant (including school catchment areas, growing families, hybrid working or generally needing more space) which is exacerbated by the short supply of good available properties. This is focusing buyers attention and those with mortgage agreements are keen to utilise the rate they have secured. Another factor to the stability of the local market is we have seen in influx of buyers who would, in ordinary times, consider the more expensive surrounding areas such as Notting Hill, Chiswick and Kensington chose Shepherd’s Bush and Hammersmith as better value for money allowing a larger property purchase. We are pleased to say that over the last 4 weeks, alone we have exchanged and completed on 7 property transactions as well as agreeing 5 new sales.
On Rentals the local private rental sector is relied on heavily and demand has grown almost at an exponential rate over the past 6 months. During the pandemic renters priorities changed as demand grew for better quality properties, more room and outside space has led to increased enquiries for areas outside of central London such as Shepherd’s Bush and Hammersmith where there are excellant transport links, shopping and leisure facilities . The rental market is at record high, with landlords finding it hard to keep up with unprecedented demand. We are totally sympathetic with renters as listed properties are offered and gone within hours of being marketed. An increase in rents also has had an impact on the short supply of rental accommodation, again pushing renters to look further afield to cheaper areas as rents increase. Our advice to applicants is always keep your details up to date on the portals and be ready to view when a property comes available.
So what next - Our 30 years of experience has taught us that keeping conversations going and the lines of communication open is essential to get through some testing months ahead - as one of the most established agents in West London we have been here before many times.
The Autumn budget with the fiscal statement on 17th November is heavily anticipated - the property market is key to economic growth, employment levels and stability of the markets. The glimmer of hope from the MPC saying rates may not need rise as high as once forecast with inflation which nears its peak possibly allowing a reversion on interest rates in the short to medium term. Despite everything, further twists and turns over the course of 2022 we have not seen a significant decline in house price growth or demand, and with the recent Government stamp duty cut, this has this has provided some additional support for prospective buyers for the lower end of the market and especially first time buyers.
As every we will keep you uptodate on the local property market and if you would like to have a chat on how we can advise or help you over the coming months please contact me email@example.com or on 0208 743 1166