West London Rental Values on the Up as New Developments Rival East London
London is moving east. At least that’s what they all said two years ago. But west London is fighting back, thanks to extensive development, investment in infrastructure and an influx of global corporations relocating to the area
Lead image: A recently rented property on Goldhawk Road (photo: Residently)
The W12 postcode, which covers the thriving White City and Shepherd’s Bush, and the W6 postcode, chiefly Hammersmith, have experienced 7.56% and 4.58% rental price growth over the past 12 months, respectively, according to rental brand Residently.
The 21st century property company, which currently operates in London zones 1 and 2, has reported strong price growth across a number of west London boroughs for the year ending July 2018.
Earl’s Court (SW5) and Aldgate/Whitechapel (E1) are also on the up, with both seeing rental growth in excess of 3%, while postcodes such as W8 (Kensington) and SW10 (Chelsea) have seen negative growth over the same period – SW10 saw values decline by a whopping 11.24%)
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.
White City 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.
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
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.
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 whom works in digital marketing for a major cosmetics brand based in the area.
In neighbouring Hammersmith, the multi-million-pound redevelopment of the Kings Mall shopping centre has helped attract new eateries and retailers. The area has also attracted household names including Disney, General Electric, L’Oreal and Fox TV in recent years.
In terms of the rental market, 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.
‘We have experienced great success in Hammersmith and White City over the past few months,’ says Trevor Stunden, CCO at Residently.
‘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.’
‘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.’
Reports based on data from one and two bedroom apartments July 2017 to July 2018