West London hotspots are currently experiencing strong rental growth, according to a report from rental brand Residently.
A number of areas are thriving, specifically White City and Shepherd’s Bush, which are in the W12 area, and Hammersmith in W6. There has been a 7.56% increase for rental price growth in W12 and a 4.58% increase for W6 over the last 12 months.
This strong period of growth for White City, Shepherd’s Bush and Hammersmith occurred during the year ending July 2018. Next on the list for most growth are Earl’s Court (SW5) and Aldgate/Whitechapel (E1). Both postcodes saw rental growth in excess of 3%.
In comparison, postcodes such as NW1 and SW10 have seen negative growth over the same period. They saw values decline by 4.22% and 11.24% respectively, over the last 12 months.
White City could be considered to be prospering due to the wave of changes it has experienced over the past year, brought about by its multi-billion-pound transformation. The redevelopment of the BBC Television centre has resulted in a remodel, providing a series of luxury apartments, entertainment facilities and a new Soho House outpost. Shopping centre Westfield London has also had a £600m expansion, making it the largest of its kind in Europe. It has created 90 new shops and over 8,000 new jobs.
Similarly, in Hammersmith there has been a multi-million-pound redevelopment of its Kings Mall shopping centre. This has attracted new eateries and retailers to the area. In terms of the rental market, Hammersmith has the added benefit of being close to Kensington and Chelsea, providing options for those struggling to find accommodation in those areas. This could be considered ideal for families and young professionals, looking for somewhere more spacious and with a stronger community environment.
West London has plenty of appeal, along with being one of the most economically active areas in London. In recent years, Hammersmith has attracted many household names, such as Disney, General Electric, L’Oreal and Fox TV, which in turn have created a consistent demand for rental properties.
Trevor Stunden, CCO at Residently, commented: “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.”
Landlords, what are your thoughts on property investment in west London? Have you already added properties in the area to your portfolio? As always, don’t forget to make sure you have the appropriate Landlord Insurance in place. Just Landlords includes 40 essential covers as standard, giving you peace of mind that your investment is protected.