West Hampstead Life

Category: Property

  • Property News: Tenants’ extra rental

    To accompany our regular pieces about the property sales market, Paramount is going to be covering the rental market in West Hampstead. Do leave comments (note, they will be moderated!). Even though these articles are being written by an estate agent, I’m making sure it’s honest comment of the industry and market!

    Landlords need to think long-term

    We thought we’d kick off our series of Property News articles with a question:

    What’s the benefit to you of renting?


    Place your vote and we’ll update you on the results on Twitter next week.

    How many households in West Hampstead do you think live in private rented accommodation? According to the 2011 census it’s a staggering 44%, which is considerably higher than the average percentage across all Camden Wards (32%).

    For many years West Hampstead has been a desirable place for people to call home. Renters are drawn to the area for a number of reasons, including the often cited transport links. The lettings market is based on supply and demand so it’s no surprise that, with the strong demand, the market has favoured landlords over the past few years. However we have now reached a point in West Hampstead where supply is plentiful, and as stock levels increased we began to see a downturn in rental prices.

    The supply can be attributed to three main reasons: a lacklustre employment market in financial services sectors, an increase in overseas investors and the rise of ‘accidental’ landlords. Control of the market has swung from landlords to tenants, and landlords have to be realistic about rental prices if they want to minimise void periods and protect their yields.

    Why has demand dropped? One reason is that since the census the government has implemented its Help to Buy scheme for first time buyers, which has helped a number of tenants in the area take their first tentative steps on the road to becoming homeowners. Demand for rental properties has shifted to demand for 1 and 2 bedroom flats for sale, with our sales department regularly receiving sealed bid offers significantly over the asking price for these types of properties.

    Another reason is that tenants are looking to stay for longer in the same rental property. Instead of moving home every year, tenants in West Hampstead want the stability of a home and once they find the right property they are happy to renew year after year. We support longer tenancies and encourage landlords to invest in the property for this reason.

    This type of tenant needs a flat that matches their lifestyle in order to stay, so a professional clean at the end of a tenancy is no longer enough to get a new long-term tenant in. As letting agents we don’t charge tenants a renewal fee as we want to encourage them to stay for longer as it helps minimise the landlord’s void period.

    In the last couple of years there has been a shift in the market; it is more price sensitive and product sensitive too. Landlords have to put capital investment into their property and often need to redecorate, redo the bathroom or lay new carpet between tenancies. As tenants have more choice, landlords need to make their product appealing as the rental market becomes more competitive.

    Are you a tenant in West Hampstead? What does being part of a local community mean to you? We’d love to hear your thoughts for our next Property News in October.

    Spencer Lawrence
    Lettings Director
    Paramount Properties
    150 West End Lane
    West Hampstead
    020 7644 2315

     

    Sponsored article

  • Name the West Hampstead Square towers

    Whether or not you’re a fan of the West Hampstead Square development, it’s already well underway. Some of you have been into the marketing suite, which showcases the fixtures and fittings of the apartments (vintage, despite the modern architecture), and plenty more of you have been gazing through the window at the rather large model of the development.

    For people who haven’t yet realised how big this scheme is, the model (which lights up at night rather pleasingly) gives some idea. West End Lane is on the right.

    The tower blocks, which range from 5 storeys to 12, are currently named “A, B, C… etc.” Dull, right?

    I had a word with Ballymore and it is willing to let whampers come up with names for each building. It’s competition time folks.

    Get thinking
    You need to come up with a name for each of the seven blocks in the development. Ballymore (not me) will choose the winner and there’s a caveat here – because these will be actual addresses of people’s properties, they have to be approved by the council too, so bear that in mind.

    The winner will be the person who makes the most suggestions that are then used in the final building names. That person will win a three-course dinner for two with a tasting glass of wine paired with each course at The Wet Fish Café, and will be invited to the opening, along with knowing that they’ve helped to shape the built landscape of West Hampstead. Should a building name that has been submitted by other readers aside from the winner be chosen, they too will be invited to the opening.

    There are no other parameters. I’m sure some of you will have some choice suggestions that clearly won’t get selected, and I’m braced for people who’ll say “we’re doing Ballymore’s job for them”, but why not look at the positives, help shape the place we live and bring these buildings into the community.

    If you can’t come up with seven names, then why not suggest as many as you can – they may still get selected.

    As I said, there are no other criteria – i will tell you that the marketing campaign is built around “Connections”, but that doesn’t have to influence you. I’ve already bagged Jimelda Towers by the way, in honour of our local thespian couple.

    Send your suggestions to . Deadline is midnight September 2nd.

    Good luck

  • Property of the Month: August

    This month’s property from Benham & Reeves is a three bedroom split-level apartment on Agamemnon Road. There’s also the potential to create a large roof terrace.

    Agamemnon Road, Fortune Green, NW6
    £849,950 Sole Agent

    A spacious three bedroom split level apartment with flexible accommodation arranged over the first and second floors of this charming period house in a quiet, sought after location amongst the ever popular ‘Greek’ roads. The property offers rooms of good proportions and natural light together with the potential of creating a large roof terrace (subject to the usual consents). Agamemnon Road is ideally placed just moments from the cafes, boutiques and transport links of West Hampstead and the recreational space at Fortune Green.

    3 double bedrooms * 2 bathrooms * reception room * kitchen/breakfast room * residents parking zone
    Share of freehold

    West Hampstead Sales Office | 020 7644 9300
    106 West End Lane London NW6 2LS | Email:
    http://www.b-r.co.uk/property/details/300214108

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  • 156 West End Lane: empty for three years?

    We’ve known for some time that 156 West End Lane – aka “The Travis Perkins building” would be up for sale. Camden council, which owns the site, have decided to sell it to raise money. The council offices that it used to house have been relocated and aside from the ground floor showroom and supplies shop, the building is empty.

    Deloitte’s real estate division is acting for Camden and has published a short brochure asking for tenders for the site. It’s being pitched as a residential development opportunity.

    The site is larger than one might imagine
    (taken from Deloitte’s brochure)

    The brochure makes clear, however, that Travis Perkins has an existing lease for the premises.

    “Travis Perkins operate a builders merchants from part ground floor of the site, which includes a timber yard at the rear. Travis Perkins have been granted a new lease dated 20 May 2013, with landlord break provisions enabling vacant possession at the earliest date of 1 December 2016.”

    One might reasonably assume that a developer could buy Travis Perkins out of its lease, except that a) Travis Perkins is known to be very keen to stay on, and b) the planning process being what it is, it’s highly unlikely that any work would start on the site much before late 2015 anyway and if property prices continue to rise a developer might decide to sit it out. There was a rumour that Travis Perkins might want to buy the site itself to ensure its survival, so it will be interesting to see whether it submits a tender.

    The point, however, is that while the floors of office space above Travis Perkins sit empty, Camden council is paying for an empty building. More than £5,200 in fact.

    It’s hard to imagine that some of that cost couldn’t be recouped while the building stands empty. It’s office space, so perhaps a floor could be given over to flexible working space – a mini West Hampstead Hub for home workers to collaborate, or even just get out of the house, perhaps? I’m sure the collective brains of the area could come up with some other creative solutions.

    It seems inevitable that eventually the building will be knocked down and rebuilt as flats. Deloitte’s brochure points out

    The site offers greatest potential for higher scaled development to the western frontage (i.e. West End Lane) and to the south towards the railway lines, with a transition in scale towards the more sensitive residential interface to the north (Lymington Road).

    Although it’s not the most loved building on West End Lane, one resident told me at the weekend that it seemed madness to knock it down and rebuild, when surely it could just be converted into flats. It will be interesting to see the general public reaction to this – the first major redevelopment as opposed to brownfield/greenfield proposal in the area for some time.

    In last year’s survey of local architecture, the red brick building came bottom of the ranking. Two people loved it, 8 were indifferent, and 74 hated it. One of the things people didn’t like was the height, but it’s hard to envisage that whatever replaces it will be smaller. I hope that if it is redeveloped and Travis Perkins has to leave that any ground-floor frontage will be kept as smaller units to encourage a more diverse range of shops.

    Tenders are due in by the 19th of September – in case you’re interested.

  • Property News: Could West Hampstead become a ghost town?

    The West Hampstead property market has been mirroring the rest of London with demand continuing to outstrip supply in our low interest rate environment. Although we don’t seem (yet?) to have any “ghost streets” caused by the super-rich buying houses that they leave empty, the nature of buyers in our area has been changing over the past few months, with implications for prices and the future of home ownership.

    Out of 7,000 new homes built in London last year, more than 5,000 were sold to overseas buyers. It seems that the capital growth from such properties is such that these homes can stand empty for most of the year and only used as a place to stay occasionally when in town. Kensington Palace Gardens now has an average property value of £36m and, closer to home, even Frognal Way in Hampstead comes in at £9.5m!

    Aside from the impact on house prices, which doesn’t help buyers, councils have also highlighted this as a growing economic problem for the local community: unoccupied properties create no demand for local services or shops leaving empty run down looking local streets.

    Since the spring, we’ve also seen the introduction of the ‘help to buy’ scheme. Mortgage lending has risen 21% nationally since May and, according to Rightmove.co.uk, asking prices across the country have continued to rise.

    London still remains an anomaly though: prices in the capital have jumped by an average of £30,000 since the start of the year, and are now 7% higher than they were before the financial crisis. In the rest of the UK, prices remain 9% down on 2007 levels.

    What about West Hampstead? In terms of activity, we’re seeing new applicant levels on a par with last year, and instruction levels are similar although down slightly since the first quarter.

    We have noticed a change in the mix of the type of buyer, however, especially the re-emergence of buy-to-let investors. Rental prices in London have risen 7.2% year-on-year, significantly outstripping inflation and interest rates. West Hampstead has always been attractive for these investors due to our transport links and type of housing stock, but these price increases combined with the demand from those who are finding it hard to get on the housing ladder means very healthy returns and strong capital growth. In fact, three of the last five sales we have agreed were to buy-to-let investors.

    It is also noticeable that a large number of our vendors are moving out of London rather than staying locally. Rising prices and stamp duty make it impossible for many people to afford to trade up locally when faced with starting a family. We’re also seeing retirees cash in and enjoy the proceeds in a similar, cheaper property out of town or a second home abroad. Some estate agents in the Home Counties have reported a 20% increase in London applicants looking to move out. Is London becoming the new Manhattan?

    The other trend we’ve seen is that buyers are becoming more price sensitive. Earlier in the year, buyers were more prepared to ‘pay what it took’ to secure a property. Buy-to-let investors are ruled by the head not the heart, of course, so if the deal doesn’t stack up they won’t proceed.

    For the ordinary buyer, salaries are struggling to keep pace with house price growth and what may have been affordable three months ago is now out of reach. Naturally, vendors want to sell for more than their neighbour did and are also constantly consuming the price rise headlines. Throw in estate agents who are desperate to secure instructions in a highly competitive market with limited stock and it’s easy to see why asking prices are continually rising. Nevertheless, we have recently found that viewing numbers on overpriced properties are now very low whereas at the beginning of the year and last year buyers would still take a look. Dare I say it, could things be starting to cool down?

    Overall, if you are thinking of selling there is strong demand locally if your property is priced sensibly. If you find that viewings are thin on the ground, then it’s almost certain that your asking price is too high. Don’t forget that estate agents only earn a fee if they sell your property. so they have all the motivation they need to bring buyers through the door.

    Darryl Jenkins
    Associate Director
    Benham & Reeves
    West Hampstead
    020 7644 9300
    Follow @BenhamReeves

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  • Mark Carney’s West Hampstead move

    New Bank of England governor Mark Carney will be living in West Hampstead apparently. The Daily Telegraph broke this news, on Canada Day appropriately. Canuck Carney, who’s taken over from Sir Mervyn King as top dog at the bank, is known for his relatively frugal approach to life and it seems he won’t be able to spend even half his housing allowance in our part of NW6. He’s chosen West Hampstead because two of his four daughters are enrolling at one of the private schools in the area.

    His relocation package includes a £250,000 accommodation allowance. Clearly that won’t get you a whole heap in West Hampstead if you’re buying. It will get you a ground-floor retail unit on the Kilburn High Road or a 17th floor flat in Camden council’s Snowman House on Abbey Road/Belsize Road.

    Of course, Carney will be renting not buying. That quarter of a million pounds works out at a fairly whopping £20,833 monthly rent, or £4,807 a week. Is it even possible to spend that much money on rent in West Hampstead? The simple answer is no – not even close. Here are the most expensive rental properties in West Hampstead according to property search engine Zoopla. Some are more “flatshare” than “family home” of course. I’ve listed them in price order, but I think the Weech Road one (full details here) looks the best bet, though if each of his daughters wants her own room then it’ll have to be this first Hilltop Road property, which is the only 6-bed rental in the area listed on Zoopla (and the Carney’s can still have a guest room).

    In the meantime, given Carney’s role as chair of the Monetary Policy Committee, watch out for a sudden switch from renting to buying – might mean a change in interest rates is on the cards!

    Hilltop Road, 6-bed, £7,583 pcm (£1,750 pw)

      

    Goldhurst Terrace, 4-bed, £7,258 pcm (£1,675 pw)
    Only one photo for this, but it has a “Stunning modern fully fitted kitchen, 3 modern fully tiled bathrooms and a private garden”

    Canfield Gardens, 3-bed, £5,850 pcm (£1,350 pw)

      

    Aberdare Gardens, 3-bed, £5,633 pcm (£1,300 pw)

    Weech Road, 4-bed, £5,200 pcm (£1,200 pw)

      

    Priory Road, 4-bed, £5,178 pcm (£1,195 pw)

      

    Belsize Road, 4-bed, £5,200 pcm (£1,200 pw)

      

    Marston Close, 5-bed, £5,200 pcm (£1,200 pw)

      

  • Property of the Month: July

    This month’s property from Benham & Reeves is a two-bed on Priory Road, with scope to create a lightwell and bring natural light into the basement.

    Priory Road, South Hampstead, NW6
    £625,000 Sole Agent

    In one of the premier roads in the South Hampstead Conservation Area, a most unusual and attractive ground and lower ground floor apartment. The flat offers character packed accommodation with direct access to an extensive west facing rear garden. The excellent transport, restaurant and shopping facilities of West End Lane are a few minutes walk away.

    2 Bedrooms * Bathroom * Shower Room/Sauna * Reception Room * Kitchen * TV Room * Utility Room * Guest Cloakroom * West Facing Communal Garden

    West Hampstead Sales Office | 020 7644 9300
    106 West End Lane London NW6 2LS | Email:
    http://www.b-r.co.uk/property/details/300214108

    Sponsored feature

  • Property of the Month: June

    Welcome to a new sponsored feature of West Hampstead Life. Each month, Benham & Reeves will  showcase a property for sale in the West Hampstead area. This month it’s a Broadhurst Gardens two-floor three-bedroom maisonette with access to the communal meadow behind the block.

    Broadhurst Gardens, South Hampstead, NW6
    £1,275,000 Sole Agent

    A beautifully presented three bedroom upper maisonette arranged over the top two floors of a charming period home on one of South Hampstead’s premier roads. The apartment offers stylish and flexible living space, high ceilings throughout and a wonderful reception room with spectacular views of the communal meadow below. The property is perfectly located for the numerous cafes, boutiques and transport links of both Finchley Road and West Hampstead.

    3 Bedrooms * En Suite Shower Room * Family Bathroom * Reception Room * Kitchen * Balcony * Communal Meadow * Residents Parking Zone

    West Hampstead Sales Office | 020 7644 9300
    106 West End Lane London NW6 2LS | Email:
    http://www.b-r.co.uk/property/details/300218651

    Sponsored feature

  • Paramount scoops national award

    There are a lot of estate agents in West Hampstead. This is a truth universally acknowledged. However, as anyone who’s sat through Avatar will testify, quantity doesn’t always equal quality.

    It is, therefore, refreshing to report when one of our esteemed agents does well. Even more so when it’s not one of the larger chains, but a West Hampstead operation.

    So, credit where it’s due to Paramount who won two gold awards at The Times and Sunday Times Lettings Agency of the Year Awards 2013. Paramount won Best London Lettings Agency and Best Single Lettings Agency UK.

    Karren Brady (l) presents Carla Bradman and Spencer Lawrence with their award

    This isn’t just some industry back-slapping award ceremony, there is a degree of rigour involved. Nearly 5,000 offices enter, and the winners are determined by a panel of 19 industry experts who conduct an extensive review of the entrants, including mystery shopping exercises. The judging process was overseen by Christopher Hamer, the Property Ombudsman.

    The judges described Paramount as an “agency that is absolutely red hot on customer service, keeps up with technology and constantly strives to move forward … always looking for ways to improve the business.”

    That’ll be partly due to Carla Bradman, who lots of you know better as @west_hampstead. Carla, who runs the account, does a great job of balancing local info with property-related social media updates and engages with the community rather than trying to masquerade as a pure community resource. I’ll be honest, I’d prefer it if it used @ParamountWH as people do occasionally get Paramount’s Twitter account confused with mine but, while Carla’s hands are on the agency’s social media reins, then all is well.

    Carla herself told me “We recognise that our website is our shop front to the world and have invested heavily in design and functionality for our new website (launching next month). I personally also spend a lot of time on Twitter, Facebook and Linkedin – it’s a great way to meet new people, learn something new, promote a local cause (our coat collection for Hands on London, for example) and also allows us to respond to queries and feedback within minutes.

    Spencer Lawrence, Lettings Director of Paramount, said “it feels great to be recognised by our industry peers for the overall approach we take to lettings. The lettings team work exceptionally hard to ensure every step of the lettings process runs smoothly, so national recognition on this scale is a great reward for all of us at Paramount”.

  • West Hampstead Square

    Today marks the end of an era.

    The building site where 187-199 West End Lane stood must, I think, be now known as West Hampstead Square. The marketing suite is being dropped into place, and the development’s website whsquare.com is live so you can register your interest in the flats. No word on pricing yet, but when you register your interest, the site asks which price bracket you are interested in in increments of £250k with a £1m+ option.

    The images on the website thus far focus much more on the square element of the development and less on the enormo-tower blocks behind.

    And here’s what it looked like at around 10.45 this morning

    Initial reaction on Twitter was mixed