Welcome to Thorgills August Market Insight, offering a brief overview of both the sales and lettings markets in the West London area. For many, just like July, August is a month to get away before school term time begins again in September. What's really interesting about July, is that it's fairly bi-polar, with sales activity starting very slowly before building up to a frenzy in its final days of the month, whereas lettings activity maintains a constant buzz, throughout what is traditionally a busy time of year.
Based on the second half of July, It looks like it's now safe to discuss Brexit and its impact on property prices with an air of confidence, as prices remain optimistic throughout the London suburbs. Activity within the sales market is certainly returning to normality as we move towards autumn, with more properties entering the market and applicant levels steadily increasing. We are seeing a noticeable increase in viewing levels across the entire network of branches, with offers being made on properties thick and fast.
It appears as though the canny buyers who were positioning themselves comfortably on the fence, whilst waiting for the referendum decision to drive prices down, are starting to feel uncomfortable and re-enter the market. Offers are coming in at slightly lower price points than in previous months, but motivated buyers and sellers are finding the middle ground and agreeing some great deals. The second half of July saw a significant uplift in properties going under offer, as the surge in demand is not quite being met with the same level of supply from sellers.
The lettings market is proving temperamental, displaying very noticeable differences from one area to the next, with tenant demand and supply of good quality rental properties to the market, differing significantly. West London's transient tenant population are currently in a very strong position, if they are willing to slightly compromise on location, they can find an impressive selection of properties in generally exceptional condition.
Landlords throughout West London will be feeling an array of emotions, with supply and demand varying wildly. Some are achieving record rents, whilst others are having to reduce prices substantially. Areas such as Ealing, that offers a vast selection of rental property is seeing price points adjusted, as the market continues to fill with similar properties. Areas like Brentford, that has undergone huge redevelopment in recent years is now seeing yields reduced, as more new build developments complete and the availability of properties increase.
The lettings market is still a safe investment and we have seen the number of under offer properties increasing year on year, but unsurprisingly the split for where we are seeing these properties agreed is changing. With rising rents and stagnant earnings, the locations perceived as offering greater value for money are proving more popular for astute tenants. Our advice would always be to think longer term, less about the short term return and more about the overall yield once you take in to account any capital gains.
The answer as always is realistic pricing, long term planning and a proactive approach. In our opinion, customer service is about honesty and integrity, you only get one chance for your property to make the perfect, first time, online impression, and that means presentation, condition and realistic pricing. You need to work with a market leader to ensure you maximise your return on investment and get your property, whether it be for sale or rent, under offer as quickly as possible, with a deal constructed as per your exact specifications.
Thorgills have worked with thousands of clients over the last eight years, won multiple awards for both our customer service levels and proactive approach, but most importantly have built a reputation as an efficient, compliant and results driven organisation. As a new market leader, we are on hand to offer any advice that you might need, wherever your property is located in west London, one of our branches and highly focused teams will be able to assist.
Average marketing prices for August (based on zoopla data)
|1 Bed||2 Bed||3 Bed||4 Bed||5 Bed|
|Chiswick||£435,079 (-5%)||£673,151 (+2%)||£1,129,237 (-5%)||£1,577,160 (-1%)||£2,143,058 (+2%)|
|Ealing||£ 446,944 (+4%)||£ 609,968 (-5%)||£ 799,504 (+1%)||£ 1,054,161 (-6%)||£ 1,741,583 (-2%)|
|Isleworth||£ 307,782 (-3%)||£ 453,259 (--)||£ 598,899 (-7%)||£ 797,282 (+1%)||£ 1,078,935 (+7%)|
|Brentford||£ 447,767 (-4%)||£ 638,195 (--)||£ 900,752 (-4%)||£ 999,648 (--)||£1,250,000 (--)|
|Hammersmith||£ 580,493 (--)||£ 1,037,201 (+2%)||£ 1,568,995 (-3%)||£ 1,511,094 (-5%)||£ 1,574,929 (-7%)|
|1 Bed||2 Bed||3 Bed||4 Bed||5 Bed|
|Chiswick||£ 1,614 (+5%)||£ 2,085 (+3%)||£ 2,916 (-2%)||£ 4,173 (-6%)||£ 5,269 (--)|
|Ealing||£ 1,273 (-2%)||£ 1,874 (--)||£ 2,595 (--)||£ 3,279 (-3%)||£ 4,625 (-1%)|
|Isleworth||£ 1,032 (-3%)||£ 1,403 (-2%)||£ 1,851 (+1%)||£ 2,219 (+1%)||£ 2,506 (+7%)|
|Brentford||£ 1,488 (+5%)||£ 2,044 (+3%)||£ 2,926 (-8%)||£ 3,450 (+6%)||£ 3,175 (-2%)|
|Hammersmith||£ 1,532 (-21%)||£ 2,269 (-11%)||£ 3,138 (-9%)||£ 4,040 (-4%)||£ 3,819 (-4%)|