Rental brand Residently has reported strong price growth across a number of west London boroughs. W12, which covers the thriving White City and Shepherd’s Bush, and W6’s Hammersmith, have experienced 7.56% and 4.58% rental price growth over the past 12 months respectively. This prosperous lettings market lies amid a number of postcodes, namely W8 and SW10, that have seen negative growth over the same period.
Rental data released by Residently highlights a strong period of growth for White City, Shepherd’s Bush and Hammersmith, for the year ending July 2018. These areas are shortly followed by Earl’s Court (SW5) and Aldgate/Whitechapel (E1), which both saw rental growth in excess of 3%. This comes in contrast to SW10, which saw values decline by 11.24% and NW1, which saw a decline of 4.22% over the last 12 months.
West London has been somewhat upstaged by the east in recent years, as Londoners move to up-and-coming communities and for the ever-improving transport links and flourishing business opportunities. However, the combination of extensive development, investment in infrastructure and influx of global corporations relocating to the area has helped to renew demand for property. This, combined with an already existing eclectic mix of green spaces, historic buildings, amenities and outstanding schools, has spurred on price growth.
White City, which has led rental price growth over the past year, is experiencing a wave of change as its multi-billion-pound transformation begins to take effect. The extensive redevelopment of the iconic BBC Television centre, which has been remodelled into a series of luxury apartments, entertainment facilities and a new Soho House outpost, has helped bring White City into the 21st century. The £600m expansion of Westfield London has also cemented the shopping centre as the largest in Europe; creating 90 new shops and over 8,000 new permanent jobs.
W12 is also working to become one of London’s new tech hubs. Imperial College London has joined forces with Hammersmith & Fulham Council to create a global beacon for biotech, digital and creative industries. Recent additions to the area include Yoox Net-a-Porter’s 7,000 sq.ft. Tech Hub, co-working space Huckletree West, as well as the latest Royal College of Art campus.
In neighbouring Hammersmith, the multi-million-pound redevelopment of the Kings Mall shopping centre has helped attract new eateries and retailers, whilst access to the A3 and A306 which link to the M4 and M3, provide excellent links out to the country. In terms of the rental market, Hammersmith also benefits from the overspill from Kensington and Chelsea, where families and young professionals search for more space and a stronger community atmosphere.
West London is one of the most economically active areas of London, with a vibrant local economy which is increasingly appealing to global blue-chip corporates and lively start-ups. In recent years, Hammersmith has attracted household names including Disney, General Electric, L’Oreal and Fox TV, which in turn has driven consistent demand for rental properties. One and two-bedroom apartments have seen healthy growth, as young professionals and couples take advantage of the excellent employment opportunities and transport links in and out of London.
Residently, which operates across London zones one and two, recently let a beautiful top floor, one-bedroom apartment on Goldhawk Road within three days of launching it to the market. The property was taken by a young couple, one of which works in digital marketing for a major cosmetics brand based in the area.
Trevor Stunden, CCO at Residently, comments;
“We have experienced great success in Hammersmith and White City over the past few months. The wide variety of global firms here has definitely attributed to the number of professionals relocating, whilst the expansion of nearby Westfield and development of the BBC Television Centre has helped shape the area as a destination in its own right”.
“We have been closely monitoring the rental market in west London for some time and have been impressed with the consistent growth over the past year. Our data shows there were nearly 300 more properties on the market across W12 and W6 this year compared to last, suggesting more landlords are cottoning on to its potential as an investment location. As such, we are actively looking to expand our offering in the area in the coming months.”