West London, which includes affluent suburbs such as Chiswick, Ealing, Acton and Gunnersbury, desirable inner city hotspots like Paddington, Mayfair, Notting Hill and Knightsbridge, and up-and-coming locations like Brentford, has long had a reputation for class, elegance and glamour, with stylish period homes, abundant green spaces, strong transport links and good local schools.
So it’s little surprise that property in this part of the capital is always in such high-demand, from families, young professionals, commuters, overseas investors and buy-to-let landlords alike.
With demand high and supply restricted, house prices have inevitably soared in recent years. For example, plush Marylebone - a mere stone’s throw from the activity and buzz of Paddington and its always busy train station - was the postcode area which saw the biggest rise in house prices in England and Wales in 2016, jumping by an astonishing 294% from 2015 (when the median house price was £990,000) to £3.9m in 2016.
This can mostly be attributed to the sales of a number of luxury new-build flats in The Chilterns complex at 24 Paddington Street, which overlooks Paddington Street Gardens and is moments away from Marylebone High Street, Baker Street Tube station and Regent’s Park.
The W1U 5 postcode is now the most expensive postcode in England and Wales, even higher than the likes of Mayfair, Kensington & Chelsea and Fitzrovia.
West London is home to more affordable locations, too, with an average price of just £214,999 in Harlington. Right on the edges of West London, its location guarantees better affordability, but is still a dream for commuters who work in the centre of town. From Hayes & Harlington station, it is only a 20 minute commute to Paddington.
Transport links from the outer edges of West London, including Harlington, West Drayton and Ealing, are set to be greater still with the imminent arrival of Crossrail, which is due to be fully operational by the end of 2018.
West London is well-represented on Crossrail 1, officially known as the Elizabeth Line, with West Drayton, Hayes & Harlington, Southall, Hanwell, West Ealing, Ealing Broadway, Acton Main Line and Paddington all appearing. Average property prices, which have been steadily rising for years as Crossrail has got closer, are set to ramp up even further in those locations with, or close to, a Crossrail connection.
In fact, research recently conducted by property consultants JLL found that house prices in Ealing and West Drayton are set to leap by 50% in the next four years as a result of the Crossrail project, with Harlington, Hayes, Hanwell and Acton also set to benefit from the improved infrastructure.
Despite the Brexit vote, and the political and economic uncertainty this has caused, rents and house prices have remained solid or even picked up in recent months, particularly in areas where demand is always high. West London, whether it’s in up-and-coming locations boosted by Crossrail or the bankable popularity of somewhere like Paddington, has that robust demand, which has helped to keep house prices and rents growing.
Although annual house price growth has been slowing, price increases of 2-3% have been predicted by most experts for the year ahead, even with Britain’s post-EU future yet to be decided. With demand outstripping supply – research suggests that some eleven buyers are fighting it out for every home while supply is still diminishing – the fundamentals of the markets remain the same and, while that is the case, house prices will continue to rise steadily.
While the super-prime market has been hit by stamp duty changes, Brexit, stalled growth and lower asking prices, demand from overseas investors – who see London’s property market as a safe haven – for high-end homes is still robust, albeit houses might not be changing hands at the top end of the market for quite as much money as they once were.
What’s more, two pieces of recent research about the connection between house prices and green spaces/farmers’ markets should also lift the hearts of homeowners and prospective sellers in West London, which is home to some of the capital’s finest and best-loved green spaces and a fair few farmers’ markets too.
The study showed that living near a park can almost double the value of your home, with house prices in London typically 83% higher for properties close to wide open green spaces.
Elsewhere, research carried out by Zoopla revealed that home buyers can expect to pay a premium of £87,000 for a home near to a farmers’ market, a growing foodie trend in recent years where fresh, seasonal, artisan and farm-reared products are sold in city centre locations. Again, Marylebone scored highly, with homes near to Marylebone Farmers’ Market commanding an especially high premium. Farmers’ markets are also on offer in Ealing, Chiswick and Notting Hill.
So, all in all, things are looking very positive for the West London property market, with the upcoming arrival of Crossrail only set to improve that further.
For more information about the West London property market and how to get your home sold for the best possible price, please get in touch with JBrown on 0207 099 5105.
To find out how much your home could be worth in the current marketplace, you can request a free instant online sales valuation.
