st & South We dition don e n o L t s e W
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Average house price achieved in Barnes
Average percentage of houses that achieved asking price in our Putney office in 2013
Annual house price growth in East Sheen in 2013
Biggest selection of available rental properties in our region - Chiswick
Rise in lettings viewings in 2013 for our Kew office
Rise in agreed lettings deals in 2013 for our Battersea office
FIGURE 1: KEY MARKET INDICATORS
INSIDE THIS ISSUE… chestertonhumberts.com
Source: Chesterton Humberts Research
MEET THE TEAMS
Your Teams & Market Comments Barnes Christopher Carney
East Sheen Amy Reynolds
Director Sales and Lettings 020 8748 8833 firstname.lastname@example.org
Area Director Sales and Lettings 020 8104 0580 email@example.com
Battersea Tim Phillips
Battersea Alex Britez
Associate Director Sales 020 7924 4400 firstname.lastname@example.org
Associate Director Lettings 020 7298 5630 email@example.com
Chiswick Charles Lang
Chiswick Nikki Mention-Dennis
Associate Sales 020 8995 3443 firstname.lastname@example.org
Associate Director Lettings 020 8747 3133 email@example.com
Putney Chris Firth
Putney Catherine Sinnott
Director Sales 020 8246 5959 firstname.lastname@example.org
Associate Director Lettings 020 8704 1000 email@example.com
Kew Claire Seward Director Sales and Lettings 020 8104 0340 firstname.lastname@example.org
Where to find us blog
Christopher Carney Barnes
Tim Phillips & Alex Britez Battersea
The Barnes sales and lettings markets have been very strong in the second half of 2013. We have seen a record number of motivated buyers registering with us and we have agreed several sales at above asking price. Our unique ‘open house launch’ method has assisted in achieving these excellent results for our clients. The rental market has also seen good quality applicants and an increase in the volume of deals post summer. We continue to build our portfolio of managed properties for clients and pride ourselves on offering a truly professional service from all of our highly motivated and experienced team members in Barnes.
The second half of 2013 has seen the Battersea property market continue to perform strongly. The sales market has been driven by increased prices north of the river, further foreign investment and the development of sites such as Battersea Power Station and the American Embassy at Nine Elms. At the same time lettings has continued to enjoy strong corporate demand coupled with people moving south of the river looking to get more for their money. With rents stabilising at a high level, landlords have to ensure properties are brought to the market in the best possible condition so as to maximise rental return.
Charles Lang & Nikki Mention-Dennis Chiswick
Amy Reynolds East Sheen
2013 has been a very interesting, exciting and challenging year for the sales and lettings markets in the Chiswick area. The second half of 2013 has been fantastic for the sales team, we noticed that the buyers confidence in the sales market is finally back to a good level, with the average house prices within the area going up by 10.8% year on year. We are expecting this trend to continue as we move into 2014. The lettings market here does well as a result of high corporate activity, which our specific corporate department capitalises on. Similarly, there is also a good number of private individuals keen to set up home here.
The sales market has risen dramatically in the second half of 2013, the sheer amount of applicants we register for every new property we take on, suggests this is unlikely to change anytime soon. 10 of our last 13 sales went to sealed bids with new record prices being set every time. Interestingly we have achieved some big lettings prices this year although generally the activity is quite slow, with a real lack of quality applicants. East Sheen does not have a large lettings market so the effect of the Government’s Helpto-Buy scheme and the rise in sales prices has not been as apparent here as it has in busier lettings areas, where rental prices are falling and properties are experiencing void periods.
Claire Seward Kew
Chris Firth & Catherine Sinnott Putney
Demand for properties in Kew has far outweighed supply and as such, we have seen significant increases in prices in the second half of this year. Residents appreciate all Kew has to offer with excellent schools, a charming village, good transport link in and out of London and the beautiful Royal Botanic Gardens and Kew Green. Kew remains a first choice for families and as such, there is a lot of internal movement within the area for those looking to buy and rent. Corporate tenants, relocating from overseas, are attracted to Kew due to the sense of community the area offers and the large open spaces.
The Putney property market accelerated in Q3 and Q4 2013. Sales values for houses have continued to sky rocket due to lack of supply, and values of flats under £600,000 have also increased because of the increased demand thanks to the Help–To–Buy scheme. “Asking Price” offers and “sealed bids” have become the norm for any attractive and desirable properties in West and East Putney. Good quality properties are still attracting excellent rents, however due to a decrease in potential tenants it is imperative that landlords ensure their properties are presented to the highest possible standard. Some landlords are having to reduce rents to effectively let their properties rather than accruing void periods, however by Spring 2014 we expect to see this rectified as tenant demand should push rents back up again.
Research ❖ Land
Registry data shows that in the year to September house prices across London increased by 9.3% to a new high of £393,462, meaning the average price of a London home is 135.5% higher than the national average.
latest sales volumes statistics (July) show that the number of sales above £1m in London increased by 44% in comparison with July 2012.
average monthly rent in London fell 4% in October to £1,283 per month according to the Homelet Rental Index, although on an annual basis rental values were up 2.6%. The average monthly rent across the UK dropped 4.6% in October to £815 per month, meaning it is 91% more expensive to rent in the capital.
lending data from the Council of Mortgage Lenders highlights the continuous growth of first time buyers in London, as 13,100 loans were advanced in Q3 last year representing a 32% uplift on the same period in 2012.
the third quarter of last year 10,900 loans were advanced to home movers in London which was an increase of 28% compared to Q2 2013, as well as a 6% improvement on the same period in 2012.
EAST SHEEN PUTNEY
DIFFERENCE IN SALES PRICES FOR SOUTH WEST & WEST LONDON OFFICES: END 2012 VS END 2013. Source: Chesterton Humberts Residential Sales Index. Zoopla.
SALES • The latest figures from our sales index show that across our South West and West London offices house prices increased across the board, with activity also increasing across many areas. • The most significant uplift occured in East Sheen with house prices moving up 11.5% since the end of 2012, followed by a 10.8% increase in Chiswick. Meanwhile Barnes, Battersea, Kew and Putney all recorded price increases above 10%. • The highest average house prices are currently being achieved in Barnes with an average of £1,465,000, followed by £1,091,250 in Chiswick. Across our other South West London office locations average house prices in Battersea (£959,642), East Sheen (£1,034,615), Kew (£1,062,727) and Putney (£968,000) are all close to or just over the £1m barrier. • The upward trend of house prices is supported by our offices witnessing activity among buyers and vendors increasing throughout last year. In Barnes viewings in 2013 were up 6.1% in comparison with 2012 along with a 10% jump in the number of exchanges. This trend occurred at a more extreme scale in Battersea as viewings last year were 18.9% higher than 2012 and exchanges increased by a massive 63.6%.
• The average weekly rent in Chiswick has fallen back 6.5% along with a 3.2% decrease in Barnes and a 1.7% reduction in Kew. However, in Putney (2.8%), Battersea (2.2%) and East Sheen (1.7%) weekly rental values picked up through 2013, bucking the trend occurring across large parts of prime London. • In Battersea house prices are likely to enjoy strong and sustained growth as the Battersea Power Station redevelopment gathers pace, supported by the Northern Line extension to Nine Elms which has secured a £1bn government guarantee. • As is the case in the sales market Barnes is the most expensive of the six office locations to rent with an average rent of £2,379 pcm. All our other offices in the region have average rents above £2,000pcm. • Tenant activity in 2013 was up across the board with East Sheen and Kew seeing viewings jump 46.6% and 26.7% respectively, while Barnes (29.2%), Battersea (28.8%), Chiswick (28.6%) and Putney (7.1%) all saw viewing numbers improve against 2012. Despite viewing numbers increasing agreed lettings fell 18.5% in Barnes, 12.2% in East Sheen and 6.6% in Putney. However, the number of agreed lettings in Battersea and Chiswick increased at healthy rates of 17.3% and 15.4% respectively, but in Kew agreed lettings soared 50% last year despite the challenging market.
• Positive activity also took place in our East Sheen and Putney offices as instructions jumped up exponentially, coupled with a 10.7% increase in exchanges in East Sheen and a 31% jump in the number of appraisals carried out in Putney. • Prices are continuing to rise across the South West of London and in Chiswick as demand for property from city workers and investors remains strong. Prices within the Prime Central London areas of Kensington, Chelsea and Mayfair are still rising and wealthy buyers now see the prime areas of South West and West London as a better option, providing more internal and external living space.
LETTINGS • Throughout Prime London the lettings market has endured a difficult period and this remains the case in parts of South West London. Across our South West and West London offices the average weekly rent stands at £731, a fall of 1.2% since the end of 2012.
Rents in London are
greater than the average for the rest of the country
Castelnau, Barnes SW13 £2,950,000
Riverview Gardens, Barnes SW13
Lawn Crescent, Kew TW9 £1,850,000
£2,500,000 FOR SALE
Albion Riverside, Battersea SW11 £1,750,000
St Peter’s Square, Chiswick W6 £2,999,950 SOLD STC
Haldon Road, Wandsworth SW18 £1,150,000
Hertford Avenue, East Sheen SW14 £1,650,000
Park Drive, East Sheen SW14 £1,900,000 SOLD STC
Eccles Road, Battersea SW11 £1,125,000
Shottfield Avenue, East Sheen SW14 £1,500,000 SOLD STC
Dungarvan Ave, Putney SW15 £1,500,000 SOLD
Defoe Avenue, Kew TW9 £975,000
Hester Road, Battersea SW11
Hotham Hall, Putney SW15 £7,500 per calendar month
Kew Bridge, Brentford TW8 £7,250 per calendar month
£8,450 per calendar month TO LET
Prebend Gardens, Chiswick W6
£4,983 per calendar month TO LET
Wyatt Drive, Barnes SW13 £3,500 per calendar month
Ashbourne Grove, Chiswick W4
£3,878 per calendar month TO LET
Beaufort Close, Putney SW15
£3,100 per calendar month LET
Grosvenor Avenue, East Sheen SW14
£2,975 per calendar month
Lawn Cresent, Kew TW9 £2,950 per calendar month
Fentiman Road, Stockwell SW8
£3,878 per calendar month TO LET
Harrods Village, Barnes SW13
£2,750 per calendar month LET
Chiswick High Road, Chiswick W4
£2,275 per calendar month
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