London, United Kingdom (PressExposure) March 06, 2012 -- Latest research from Winkworth, one of the leading estate agents specialising in properties located in London, has released its Westfield report: the first of its impact analyses which look at how specific projects affect the local residential property market.
The report shows how the opening of the Westfield shopping centre in Shepherd's Bush in October 2008 has had a significant impact on the surrounding areas (Shepherd's Bush, Hammersmith and North Kensington), and has influenced trends in the local markets despite the global economic and property market decline.
The average home in the area is now worth £529,762 [Land Registry], 5% above the peak seen in 2007. By comparison, average property prices across the whole of Greater London are still 2.3% below their 2007 peak.
Winkworth believes that part of the reason for this is the high demand for family houses in the area and a shortage of stock, resulting in some properties being sold at prices up to 20% above the 2007 peak. The number of new buyers registering in the area has risen 13% in 2011 compared to 2010 as confidence in the housing market increases.
In the rental market, average rents now stand at £2,700 per calendar month. The number of rental properties rented out by Winkworth reached their highest point in two years in autumn 2011 and were 35% higher than at the same point in 2010. However, the overall trend shows the number of new rentals in the area has slowly fallen over the last two years due to low levels of rental stock rather than a fall in demand.
Carl Burgess, spokesperson for Winkworth Shepherd's Bush, commented: "Homeowners seldom relocate to an area because of a specific retail outlet. It is the overall outlook for an area, including transport, schools, retail and leisure that ultimately persuades an individual or a family to move.
"However, our research has shown a marked rise in the number of applicants seeking property in Shepherd's Bush and nearby since Westfield opened. Furthermore, the upcoming regeneration of Shepherd's Bush Market and the Wood Lane Studios development will strengthen interest in this sought-after area for families and professionals alike."
For more information on Winkworth's services, please visit http://www.winkworth.co.uk or call 0207 355 0211.
Winkworth is a leading franchisor of residential real estate agencies and is admitted to trading on the AIM Market of the London Stock Exchange. Established in Mayfair in 1835, Winkworth has a pre-eminent position in the mid to upper segments of the central London residential sales and lettings markets. Winkworth has in excess of 90 offices, with 58 in London alone. The franchise model allows entrepreneurial real estate professionals to provide the highest standards of service under the banner of a well-respected brand name and to benefit from the support and promotion that Winkworth offers. Franchisees deliver in depth local knowledge and a highly personalised service to their clients.
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