Strong price growth across a number of West London boroughs has been reported by rental brand Residently.
W12, which covers the thriving areas of White City and Shepherd’s Bush, and W6’s Hammersmith, have experienced rental price growth over the past year of 7.56% and 4.58% respectively. Even more significantly, this prosperous lettings market sits amid a number of postcodes, namely W8 and SW10, that have witnessed negative growth over the same period.
The data released by Residently shows a strong period of growth for White City, Shepherd’s Bush and Hammersmith for the year to July 2018. These areas are followed by Earl’s Court (SW5) and Aldgate/Whitechapel (E1), which both witnessed rental growth of more than 3%. By contrast, SW10 saw values fall by 11.24% and NW1 witnessed a drop of 4.22% in the last year.
East London has rather upstaged West London in recent years, with Londoners keen to move to this hip part of the capital where up-and-coming communities are thriving, driven by ever-improving transport links, booming business opportunities and start-up ventures.
West London, though, has fought back with a combination of extensive development, investment in infrastructure and the influx of global corporations relocating to the area - which has, in turn, helped to renew demand for property.
Price growth has been fuelled by this increased demand, alongside the already existing eclectic mix of green spaces, historic buildings, amenities and high-performing local schools.
White City, which has led rental price growth over the past 12 months, is an area that is booming more than most. It is currently undergoing a range of changes as its multi-billion-pound transformation gets underway. A major part of this is the extensive renovation of the iconic BBC Television Centre, which has been transformed into a number of luxury apartments, entertainment facilities and a new Soho House outpost.
In addition, the £600 million expansion of Westfield London has further cemented the shopping centre’s status as the largest in Europe. It has also created 90 new shops and more than 8,000 new permanent jobs.
In recent years W12 has also been working hard to become one of London’s new tech hubs, with Imperial College London joining forces with Hammersmith & Fulham Council to ‘create a global beacon’ for biotech, digital and creative industries. The area has recently welcomed Yoox Net-a-Porter’s 7,000 square feet Tech Hub, co-working space Huckletree West and the latest Royal College of Art campus.
Neighbouring Hammersmith, meanwhile, has been boosted by the multi-million-pound redevelopment of the Kings Mall shopping centre, which has helped to draw new eateries and retailers, while the area’s rental market has benefitted from the tenant overspill from Kensington and Chelsea. Here, families and young professionals are searching for more space and a stronger community atmosphere, as well as cheaper prices.
Hammersmith’s rental market is also supported by the presence of household names such as Disney, General Electric, L’Oreal and Fox TV, with demand for one and two-bedroom apartments from young professionals and couples consistently high.
“We have experienced great success in Hammersmith and White City over the past few months,” Trevor Stunden, chief commercial officer at Residently, said. “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.”
He added: “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.”