L ondon property in W10 increased in value by an impressive 5.9 per cent last month, bringing the average price of a house or apartment in the Transport for London (TfL) Zone 2 area to £745,819. This is according to statistics from a monthly survey of estate agents by the UK’s largest online property portal, Rightmove.
It’s no surprise to learn that sellers haven’t been exactly ecstatic to learn that this property performance is a drop of 1.7 per cent compared to the same time last year. But, the news is certainly a lot healthier than in Central London Zone 1 where property prices have suffered a rather drastic fall of 4.4 per cent over the past 12 months.
Stamp Duty led to reduced supply of property in W10
There is no doubt that supply of properties in terms of homes to buy in the W10 property market (ie TfL Zones 1 to 3) have reduced in recent months – particularly since the new Stamp Duty increases were introduced in 2016 and which had a huge impact on higher value properties in particular.
The flipside is the fact that many potential sellers are reluctant to advertise their properties at a reduced selling price, giving those who do put their homes on the market a much better chance of a sale due to the overall lack of competition (the majority of sellers, it appears, are ‘holding back’ in terms of waiting for the property market to ‘pick up’ in the area).
London W10 includes such well-known areas such as North Kensington, Queen’s Park, part of Ladbroke Grove and Kensal Town. The latter boasts Kensal Green Cemetery with some of its famous interns including engineer Isambard Kingdom Brunel and authors of some of our most famous texts, Anthony Trollope and William Makepeace Thackery. The area is also renowned for having one of the largest Moroccan communities in the Capital.
This year to be ‘a good one’ for the private rental sector says Landlord Body
In terms of private sector rentals, prices fell by around three per cent in Central London last year, according to the Office of National Statistics (ONS). But 2018 looks much more promising.
A survey by ARLA Propertymark (formerly the Association of Residential Letting Agents) revealed that 59 per cent of lettings agents are expecting rental prices in London to rise this year compared to just 19 per cent who reckon they will decrease. This is backed up by a recent survey by the Royal Institution of Chartered Surveyors (RICS) which believes that increases in Stamp Duty will force landlords to leave the market and rents to rise as a consequence.
Upmarket property company Savills is sticking its neck out even further by insisting that rental rises will outperform property sales this year, with an increase of 17 per cent over the next five years to 2023.
Do you have an estate agency or are looking to sell your home privately in W10? Then do get in touch with the team here at The Bléu Plan We are a company of professional property photographers in the area who know we can help.