Popping a cork for Westfield

IT WON’T be long until Horton and Garton pop a cork and celebrate five years of trading in Hammersmith.

While we caught the tale end of the 2007 property price boom and felt the drag of recession ever since, I did have one incredible piece of luck – which was opening the same year as Westfield.

You cannot underestimate just how positive Westfield has been for the property market of Shepherds Bush and Hammersmith. The mall is a huge game-changer for homeowners and landlords in the area. So it’s great to see another big name in the local property scene back up my findings.

Estate agent Winkworth says that Westfield has been so popular that ‘quality family homes are being sold at prices up to 20% above the 2007 peak’.

It’s an amazing statistic. But there’s more good news, as Winkworth crunched the numbers for the affect of the recession on the area and found that prices did suffer – but ‘have recovered well and are now 5% above the peak of 2007 on average’.

Landlords should also take note. The Winkworth data shows that the average rent for properties surrounding Westfield stands at an impressive £2,700 per calendar month – with the most expensive of those properties located in Hammersmith.

This jump in rental prices means that average rents, according to the Winkworth data, were an eye-watering 35% higher in 2011 than in 2010.

While the same bounce might not follow the planned expansion of Westfield, but it should prove the point that the property market of W6 and W12 will remain safe and sound well into the future.