Much was written towards the end of 2015 about the health of the ‘prime’ London property market - high-end neighbourhoods like Knightsbridge, Mayfair and Chelsea which have generally lead the charge during property booms.
With price rises in some prime postcodes being markedly pegged back, remaining static and, in some cases, veering into reverse, property experts speculated about what was next for the capital’s property landscape.
With 2016 well underway a clearer picture is emerging, with the redefining of what a ‘prime’ central location is. As West London estate agents we have to agree with boutique home finders Banda Property, who have flagged up peripheral areas in Central London as ‘hot property’ for 2016.
Property for sale in Shepherd’s Bush is set to soar, alongside new ‘prime’ areas such as Shoreditch, Battersea and King’s Cross, with ‘prime’ boundaries being pushed further out of their typical Central London domain. It is expected the value of houses and flats for sale in Shepherd’s Bush will rise by 3% in 2016, with home movers making quality properties with gardens, good schools, transport links, amenities and a village-like atmosphere the cornerstones of their property search.
“We’re already noting an influx of home movers looking outside of the core prime Central London neighbourhoods,” comments Annette Dunn at Orchards’ Shepherd’s Bush office. “While prices in traditional prime areas are not as fierce as they were in 2014 and the start of 2015, purchasers are looking for increased value for money and appreciation prospects in 2016. It is no surprise that Shepherd’s Bush has been flagged up as an emerging ‘prime’ London hotspot. Ealing is also being mentioned in the same conversations, and that is largely down to the Crossrail effect. The line, when open in 2018, will serve both Shepherd’s Bush and Ealing, slashing and simplifying journeys to and from Central London, and out to Heathrow and beyond too.
The next 12 months will also see a mass return of the British buyer, who has lain dormant for some time in the wake of international purchasing power and dominance. The Chancellor’s reforms to make house buying more expensive for foreign purchasers coupled with uncertain exchange rates will open the door to more home-grown movement, with activity anticipated particularly in the £1 to £2 million price bracket.
“We still expect interest from global home movers and investors but scaled down when compared to 2015,” comments Annette Dunn. This will give more opportunities to local buyers who may have been edged out by cash buyers in the recent past. We already hold a list of qualified buyers waiting for the right properties for sale in Shepherd’s Bush - which is encouraging for anyone thinking of selling a property in W12. If you are curious about the value of your home in a healthy local market with increasing demand, contact Orchards of London today for advice and a free valuation.”
Feel free to drop into any one of our West London offices for a hot drink, a chat about the local property market and a selection of property for sale in Shepherd’s Bush, Ealing, Acton and Chiswick.