West Hampstead Life

Tag: property

Bringing West Hampstead insight to national property statistics

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Every week newspaper headlines vary between ‘house prices rise’ or ‘house prices fall’ – but which headline is accurate?

We thought we’d delve behind the headlines for this month’s West Hampstead Life column; we’ll be sharing some interesting stats and sprinkling them with some local insight to bring them to life.

First-time buyers
Nationally, the number of first-time buyers is down compared to 20 years ago, and according to the English Housing Survey, the average age of first-time buyers now stands at 33 years old. However, although there is no question that the average age of first-time buyers has steadily increased over the years with a direct correlation to property price inflation, the reality is more nuanced. That’s because the age at which someone buys for the first time is dependent on their personal circumstances.

For example, we receive many enquiries from first-time buyers who are getting considerable support from their parents. In these instances, parents either have cash or equity they can release from the family home, therefore bridging the affordability gap for their children who only need to take out a mortgage for an amount that’s affordable to them.

First-time buyers in this scenario typically live at home and are in the early stages of their first job after completing a degree. This gives an average first-time buyer age of around mid- to late-20s, a stark contrast to the majority of first-time buyers whose parents can’t raise such a large amount of ‘spare’ cash – and therefore spend years saving for a deposit whilst renting. For this self-sufficient majority, the average age is early- to mid-30s.

Private rented sector
Nationally, 4.5 million households rent in the private sector, and that figure is likely to grow (with many developers now choosing to build specifically to rent rather than sell). On average the weekly rent in London is £309, but in West Hampstead it’s around the £430 mark. Despite it costing more than average to live in West Hampstead, we’ve found that local tenants pay less in rent as a percentage of their income, compared to the wider London market.

In general, the number of families living in the private rented sector has grown significantly over the last decade. Although we haven’t seen this too much in West Hampstead, there has been an increase in young families with children under four renting in the area.

Neighbourhood
According to the English Housing Survey, 88% of Londoners are ‘satisfied’ with their neighbourhood. We’re sure most West Hampstead Life readers are more than ‘satisfied’ with their neighbourhood and reckon we’d score higher than average!

What’s interesting is that the London data shows a slight discrepancy in levels of happiness between those that rent and those that own their own home – but in our experience, this isn’t the case for West Hampstead. We’ve found that renters rarely leave the area and do so only if they want a complete change in lifestyle.

Local update
Stats aside, it’s been a slow start to the year. However, the change in the weather has helped both the sales and lettings markets; throughout March we’ve been contacted by vendors seeking pricing advice as well as tenants looking to move and settle before summer begins.

On the sales side, there’s a healthy demand from buyers looking for a first or a better home in and around West Hampstead. What’s noticeable though is how discerning buyers are being, and they’re certainly less prepared to compromise than they’ve been in the past.

On the lettings side, we’ve noticed a lot of applicants moving from Hampstead and Belsize Park to West Hampstead. These tenants tend to be professional couples looking for extra value for money who now perceive West Hampstead at nearly the same level as Hampstead and Belsize Park. Naturally, we agree, and there’s no doubt that the significant improvements to transport infrastructure and amenities along West End Lane have helped shine a light on the area.

To get accurate market advice for your property, please do get in touch to arrange your personal market appraisal or pop in to see us at our West End Lane Office, on the edge of West Hampstead Square.

Jonny Miller and Matthew Spencer

T: 020 7481 2907
E:
W: www.johnsand.co
JOHNS&CO, Unit 7, Hardy Building, West End Lane, London, NW6 2BR

March 19, 2018
A new perspective on West Hampstead’s property market

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The new year will see the official opening of Johns&Co’s estate agency office at West Hampstead Square, bringing with it a fresh, new outlook on the property market in West Hampstead and surrounding areas.

If the name sounds familiar to you, it might be because we’re the preferred partner of West Hampstead Square developer Ballymore and have already been based on site, working alongside Ballymore arranging the sales and subsequent rental and management of the five blocks of 144 apartments.

The West Hampstead Square scheme has now been sold, let and managed, and whilst we are marketing thousands of new homes from Nine Elms to Canary Wharf, we still have a significant database of buyers and investors looking for property in this part of London. Having so successfully achieved our original objective at West Hampstead Square, we decided to extend our expertise to homeowners in the area, so they too can take advantage of the appetite for homes we have been experiencing since we first came to West End Lane.

As a seasoned Sales Manager from the local area I’ve joined Johns&Co to help meld their international expertise to the needs of homeowners and landlords in the local market. I began my career in this area aged 19 as an office junior, took charge of my own branch for the first time at 21 and have honed my particular brand of highly personal estate agency service over subsequent years. I have successfully run businesses for some of London’s largest companies, including Kinleigh Folkard & Hayward and Hamptons International. During 35 years in the property industry I have become highly experienced in the fields of property development and new homes which led me to become a sales manager for a major regional developer for a number of years, before returning to my first love of estate agency.

I missed the relationships with people that I enjoyed so much in estate agency. I typically assist a client for months, from providing initial advice on accurate pricing and marketing, to then helping them achieve their life goals by either selling or renting their property. I get to know my clients very well and the quality of this relationship is what makes all the difference to a successful outcome. It’s not uncommon for my clients to become friends – I have friends who were first of all clients 20 years ago. I’ve even helped some of their children with the difficult task of getting onto the property ladder, renting at first and then buying their first home, and always being on hand to provide guidance and assistance every step of the way. There is one family friend who I recently helped to buy two properties, one for their daughter and family and the other for their sons.

I’m often asked to share my in-depth knowledge of all things property and recently ran a free property workshop at the request of local community centre JW3 on Finchley Road, where I provided guidance and answered the questions of local people who were looking for expert advice on how best to sell and buy in the current climate.

While preparations are well underway for the official opening at the start of January, I’m already busy talking to local people about their proposed sale or purchase in the new year. So if you’re thinking of moving or would like to benefit from my local experience and the international reach of the team at JOHNS&CO, then call and arrange to see me on 020 7481 2907 or email me at .

Similarly, if you are looking to rent your property to prospective tenants, our Lettings Manager Jordan Charles-Jones is also on hand to assist you with all aspects of Lettings and Management from the heart of West Hampstead. Jordan can be reached on 020 7481 2907 or on email to .

We look forward to meeting you.

December 12, 2017
Frustrated buyers face more delays at Ballymore

West Hampstead Square still isn’t finished. As you will have noticed.

Progress is being made as recent tweets show but it’s well overdue, and while it’s annoying for locals as the roads clog up with lorries delivering materials, for those who’ve bought apartments (some of whom are existing West Hampstead residents), the delays are going from frustrating to potentially financially damaging.

West Hampstead Square – when will it be finished?

The original completion date was June 2015. But, in June this year, with development already a year behind, Ballymore ditched the original construction company, O’Hare McGovern, and took over itself. After taking stock of the situation, it predicted completion by the end of this year. However, since then the company has ‘encountered further obstacles’, according to a letter sent to anxious buyers, which have now set the completion date back another three months. The latest is that no-one will move in until the start of next year and some flats won’t be ready until March. Anger is starting to bubble up.

“Ballymore has taken me and other buyers for granted,” says one local buyer who wants to remain anonymous. “The delay is frustrating, but what’s unacceptable is the manner with which they have drip-fed delays this year, rather than giving a realistic estimate from the start.”

Another buyer felt “it has been very poorly dealt with and has been very stressful” but now he just “wants to get it done to stop spending unnecessary money”.

The problem buyers face is that as soon as the actual completion date is announced, they have just 10 days to provide the balance of the money. Anyone tempted by a premature completion date announcement might find themselves having given notice or sold their existing property only to end up being told to hold on – again.

One buyer, for example, was initially told he could move in by June, but was then told that completion was expected in September, then October, then late October, then early November, then late November. By the end of October it was going to be completing in early December, but just a few days later that was pushed back to the end of January.

Aside from the practicalities of knowing when to move out, these flats were sold pre-Brexit and the uncertainty in the run-up to that vote and in the aftermath has dampened the property market somewhat. Private buyers are probably OK, according to Jon Hughes at local estate agent Benham & Reeves. Overall, the market has softened though underlying prices remain stable, but transaction volume is down.

Buy-to-let investors, who will surely make up a significant percentage of West Hampstead Square owners, will find things a little more difficult. Before construction started, the predicted rental price for a two-bed at West Hampstead Square was £650-£700 per week according to one local agent. In today’s market, he suggested sub-£600 seems more realistic. In addition, mortgage criteria have tightened (though rates are still low) and there is additional 3% stamp duty to pay on second homes.

Any off-plan purchase comes with an element of risk – economic circumstances and personal finances can change unexpectedly over the course of 12 to 18 months – but when a build is running more than 18 months late that risk is exacerbated. We know of some buyers who are have had issues with the sale of their previous properties, others who have sold to release the funds and now need to ask landlords to extend their leases. For anyone not in the super-rich or professional property investor category, these delays are both expensive and upsetting.

It is not just residents who have been affected. Businesses had been hoping to move in before the bouyant Christmas trading period. The latest news is that they will be able to start their shop fit-outs in December, but they won’t be able to open until January at the earliest. Apparently, Marks & Spencer may not open until February.

It seems that buyers have no legal recourse to compensation for the delays despite being strung along for months and possibly well over a year. In fact, in the small print of the contract, Ballymore can complete as late as 2018! All in all it is stressful situation for the buyers, several of whom have expressed their frustration to WHL. If you have experienced these problems or others, drop us a line. We asked Ballymore for a comment, but no-one has returned our calls.

November 25, 2016
Five ways to boost your chances of renting or selling… without using an estate agent

There are a number of things you can do to try and maximise your income when renting or selling your property and a more ‘hands on’ approach to marketing and managing costs can reap financial rewards. So, despite an estate agent on every corner in West Hampstead, here’s some alternatives I’ve come across while in the process of renting my flat.

1. Emulate the copywriting professionals. Look on Zoopla and Rightmove to see how similar homes are described and see what ideas you can adapt to market your own. For example, a small home might be described as ‘cosy’ and a home with a loft might highlight the opportunity to convert it into an extra bedroom. Also accentuate the positives of living in West Hampstead, like the fantastic transport, shopping facilities, parks and culture – and a great local website – for people new to the area.

2. Take high quality photos. Make sure that the room is as bright as possible. Take photos during the daytime with open curtains and switch all the lights on. Take photos 1.5 meters from the ground and from the corner to capture as much of the room as possible, being particularly careful to include any key room features.

3. Use the major property portals. For £49, OpenRent.co.uk offers the opportunity to upload your photos and description of your rental flat to the major property portals including Rightmove (where you can find my flat), Zoopla and Prime Location. You also get an advertising board and phone number to put outside your West Hampstead property. The price also includes a tenancy agreement, deposit collection, and tenant referencing, which I think makes it excellent value.

4. Launch your own online advertising campaign. Google Adwords are the adverts you see on the right hand side of Google search results. They work by you selecting the words/phrases you want to bid on; for example, “rent two bedroom flat in West Hampstead”. You then draft a short advert with a link to your property listing. Your advert is then displayed when someone searches for the words or terms you chose and you pay Google a small fee (I pay on average 12p) every time someone clicks on your advert. By clicking on this link you can get a free £75 credit for GoogleAdwords when you spend £25.

5. Promote your property through social networks. Share your online property listing via your Facebook, LinkedIn and Twitter accounts with your connections, and ask them to share it with their friends too. This immediately opens your network. Also look for opportunities on online local community sites such as Camden Netmums, to direct people to your property listing.

Of course, many people do turn to estate agents. An estate agent should complement, not duplicate, your own marketing efforts as they can access customers you can’t. They have shop fronts, databases of people looking to move to West Hampstead and may have relationships with corporate clients. As you don’t pay an agent until they find you a tenant, spread your bets, compare the offers that come in and then choose the option with the best financial return (after deducting any agent fees.)

June 19, 2016
Property of the Month: April

This month’s property from Paramount is a two bedroom flat on Gladys Road, West Hampstead.

Gladys Road, West Hampstead, NW6
£400 pw

The property is a beautiful raised ground floor flat set within a period conversion. The property has wooden flooring throughout, a bright reception room, separate kitchen, tiled bathroom and both bedrooms have fitted storage.

Located in the heart of West Hampstead it’s close to all transport links and popular local shops.

The property is part furnished and is available to rent now.

Admin charge is £120 inc VAT. Inventory is £100. There are no renewal fees if you decide to renew the tenancy.

Paramount | 020 7644 2315
150 West End Lane London NW6 1SD | Email:
http://www.paramount-properties.co.uk/rent/search/details/2-bedroom-property-to-let-in-West-Hampstead-NW6-parrps-PAR150041

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April 8, 2015
Property News: Pre-election uncertainty holding high-end market back

New year, new face. I am the new manager of Benham & Reeves’ West Hampstead office. I have arrived from our Hampstead Office, having previously worked for a large international company as well another local independent company.

It has been an interesting start to the year. Available properties are relatively thin on the ground and one would be forgiven for thinking that this would mean be a lot of competition on each available instruction, as the number of buyers certainly exceeds the level of supply. However, so far that hasn’t appeared to have been the case and we are in a very price sensitive market. If the asking price of the property is correct and seen as reasonable then we are seeing a strong number of viewings, followed by relatively quick interest, leading to an agreed sale. Those properties that are deemed expensive are sitting on the market with too few viewings and then end up having to be reduced. The upshot can actually be that they sell for less than they are worth as the aggressively high initial asking price creates a negative sentiment around the property the longer that it remains on the market.

These market conditions are in keeping with recent reports about mortgage lending. According to the council of Mortgage Lenders, lending in January was down 14% from December and 11% from January last year. Buyers have to feel tempted to come and have a look at properties in order to act, and some of the unrealistic prices that are being asked are leading to a reduction in the lending figures as well as sales figures, which were down by 6% according to the HMRC compared to January 2014.

Of course, for those properties that have something a little bit extra special, it’s still realistic to achieve a premium figure. We were recently instructed on a property at a prime South Hampstead address – an absolutely stunning flat. The marketing figure was correct, it attracted a decent level of viewings, and is now under offer at what will be a record pound per square foot price for its road, should contracts be exchanged.

If we look at the market for properties above the £2 million mark, then we certainly see the effects of the upcoming election. The uncertainty surrounding the threat of a “Mansion Tax”, is causing people to think twice about moving before May. Anyone who owns a home worth more than £1.5 million is starting to feel a little bit unsure about the potential repercussions should we see a Labour or Labour-led government, and this is certainly causing buyers and sellers in this price range to hold fire. That explains both the distinct lack of available property above £2 million, but also between £1.5 and £2 million. The amendments to the stamp duty thresholds have also had an impact in this sector. A number of transactions were either renegotiated or, in some cases, fell through, as buyers were hit with a much greater tax bill than they were expecting when a sale was originally agreed.

Having said all of that, if the asking price is realistic, there is still interest in this area of the market. We were instructed to sell a house on Goldhurst Terrace, at £3.75 million, and simply due to the lack of stock available at this price, there were four buyers interested in the house and it is now under offer. I have been suggesting to some potential vendors over the past couple of months that it may be a good time to think about selling as while most people are unsure about moving given the uncertainty, there’s less competition from other sellers, and there are buyers out there. After the election, we could see a lot more coming onto the market.

What is a certainty, is that I am very much looking forward to there being clarity and to what will hopefully be a very stable market. People were of the opinion that the early months of last year were good for estate agents, but those of us in the business knew all too well what was to follow. It appears that the market is more realistic now and there has undoubtedly been a correction in the prices. Once the uncertainty is cleared up, I am confident that we will see a much healthier balance within the market.

Matthew Sheldon
Manager
Benham & Reeves
West Hampstead
020 7644 9314
Follow @BenhamReeves

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March 10, 2015
Property of the Month: March

This month’s property from Benham & Reeves is a 4-bedroom Victorian home near Hampstead School.

Richborough Road
West Hampstead borders, NW2
£1,150,000
Sole agent

A stunning four bedroom semi-detached Victorian home of approximately 1500 sq ft. Presented in excellent decorative order throughout, featuring two wonderful reception rooms, both with high ceilings, ornate cornicing, as well as working fireplaces. The property has a fabulous kitchen diner with doors opening out on to a spacious patio garden area, the garden can also be accessed via the side of the house. Comprising three generously sized bedrooms, one with a luxury en suite bathroom, a single bedroom and another shower room. This property, which is one of the larger houses on Richborough Road, also boasts having an off street parking space for one small car.

Located within easy reach of both Kilburn (Jubilee Line) and Cricklewood Thameslink stations, the property is also located a not too distant walk from the popular Mapesbury Dell and benefits from being situated in the Camden School’s catchment area. The house has potential for further scope to improve and extend the accommodation by extending into the loft space (subject to the necessary consents).

Family homes offering such fantastic entertaining space and in this condition are rarely available to the open market and early viewing is advised.

4 bedrooms * en-suite shower room * bathroom * 2 reception rooms * kitchen/dining room * guest WC * front & rear gardens * off-street parking for one car

West Hampstead Sales Office | 020 7644 9300
106 West End Lane London NW6 2LS | Email:
http://b-r.co.uk/property/details/100134717

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March 3, 2015
Property of the Month: February

This month’s property from Paramount is a three bedroom flat on West End Lane.

West End Lane, West Hampstead, NW6
£525 pw

This second floor flat has three double bedrooms and is available from 5th February. The open plan kitchen is fully kitted out with integrated Siemens appliances, and leads onto a spacious reception room.

The property is located on West End Lane, enviably close to the three West Hampstead stations. It’s also above the Paramount office which means we’ll happily act as a concierge service. We’re able to collect deliveries on your behalf which you can conveniently collect from our office after work.

The property is let and managed by Paramount, so tenants will benefit from a 24/7 management service.

Admin charge is £100+VAT. Inventory is £120. There are no renewal fees if you decide to renew the tenancy.

Paramount | 020 7644 2315
150 West End Lane London NW6 1SD | Email:
http://www.paramount-properties.co.uk/rent/search/details/3-bedroom-property-to-let-in-West-Hampstead-NW6-parrps-WST100068

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February 4, 2015
Property of the Month: January

This month’s property from Benham & Reeves is a 1-bedroom flat in West Hamptead Square.

West Hampstead Square, West End Lane
West Hampstead, NW6
£579,950
Joint agent

An opportunity to buy an ‘off plan’ 1 bedroom apartment on the second floor of Block C in the brand new West Hampstead Square development adjacent to West Hampstead tube station on West End Lane. Due for completion in Spring 2015 these flats have proved enormously popular with end users and investors alike due to the location and high end specification.

Bedroom * bathroom * reception room/open plan kitchen * balcony

West Hampstead Sales Office | 020 7644 9300
106 West End Lane London NW6 2LS | Email:
http://b-r.co.uk/property/details/100133557

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January 20, 2015
Property of the Month: December

This month’s property from Paramount is a two bedroom Lyncroft Gardens flat.

Lyncroft Gardens, West Hampstead, NW6
£460 pw

A large (926 sq ft.) beautifully appointed two bedroom flat is available in West Hampstead from 27th January 2015.

The flat is set within a well maintained mansion block close to West End Lane, local amenities and excellent transport links.

The property has a bright and spacious reception room with high ceilings, two large double bedrooms, fully fitted kitchen/diner with all appliances, bathroom and separate shower room.

Neutrally decorated throughout, the property has access to communal gardens and is available unfurnished.

Admin charge is £100+VAT. Inventory is £100. There are no renewal fees if you decide to renew the tenancy.

Paramount | 020 7644 2315
150 West End Lane London NW6 1SD | Email:
http://www.paramount-properties.co.uk/rent/search/details/2-bedroom-property-to-let-in-West-Hampstead-NW6-parrps-WST140113

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December 3, 2014