WestSide - November 2009
The local lettings market continues to grow
By Vanessa Reast, Fitz-Gibbon, Chiswick's manager
In the final quarter of 2009, the market in Chiswick remains solid and there is currently strong demand for one, two and three bedroom properties. Demand is fuelled by individual professionals, professional sharers and small families alike, and properties that are well presented and realistically priced are letting quickly. Throughout the autumn we've assisted the traditional influx of seasonal home-searchers and as Fitz-Gibbon was established here twenty years go, we've become the first port of call for many tenants and landlords thanks to our knowledgeable staff and strong ties with the corporate market.
Indeed, in all the areas covered by the local office - Chiswick, Hammersmith, Shepherds Bush, Ealing and Acton - landlords benefit from two decades spent developing strong relationships with key relocation agencies and global corporations. The number of families relocating here typically dips after the start of the new school year however we've just let a property in Wavendon Avenue, W4, for £1,000 per week to a family whose own property is being refurbished. We've assisted with a number of lets that buck the normal trends over the last few weeks so it's an interesting time in the run-up to Christmas with the expected number of tenants as well as additional numbers of home-searchers.
In the current market, one bedroom properties are valued between £210 and £360 per week and we currently have a fabulous one bedroom apartment on at £360 in Devonhurst Place, W4. Whilst most two bedroom properties are valued in the region of £280 and £550 per week, three bedroom homes start at £400 per week and can achieve up to £700 per week, if exceptionally well presented. Houses with four or more bedrooms start at £650 and prime examples in W4 can achieve up to £1,700 per week. Over the years we've seen some welcome changes to the lettings industry; landlords and tenants are ever more protected by government legislation including tenancy deposit schemes and rules for houses of multiple occupation.
Twenty years ago, lettings was seen as a 'tag on' to estate agency but today the industry stands in its own right and continues to grow. Such is the demand for lettings and related services that Fitz-Gibbon has seen increased demand year on year for our furniture rental and school placement services. Furnishing packages are rented by landlords and tenants alike, and as it's increasingly hard for parents to find places in good schools; our expertise combined with the knowledge of our school specialist, can prove invaluable.
Chiswick and the surrounding area will always have a buoyant lettings market with close proximity to central London, Heathrow Airport and the Thames as well as excellent road networks and schools and an ever-growing number of quality shops and restaurants. Returns on investment remain solid and I'm confident that the lettings market will only get stronger as a result of more people than ever choosing to rent and the sales market still not having fuly recovered. As the economy is still in a period of change, it's essential you are with an experienced letting agent who understands the market and knows how to deal with the thaw when things hear up.
To arrange a market appraise in Chiswick and the surrounding areas contact Vanessa Reast on 020 8995 3335 or vreast@fitzgibon.co.uk