Brexit Property Forecast

JLL predicts West London house prices will bounce back

A recent housing market forecast published by the Evening Standard predicts a 14.3% house price growth across London in the next five years. Despite house price adjustment and a low volume of transactions in the last three years, the West London property market is set to enjoy a post-Brexit bounce-back, experts are predicting. Published figures anticipate a 15.3% rise in prices at the luxury end of the prime central London market and 14.3% across the local Chiswick, Hammersmith and Shepherds Bush areas in the next five years. Despite recent political uncertainty, experts predict that there could be good news on the horizon for our local property market. Chiswick Sales Director Paul Cooney adds, “Mark Carney highlighted the impact of a no-deal Brexit in relation to house prices this autumn. It was very much a doom and gloom forecast. In that very same week, we agreed £6.2m of property sales here in Chiswick and we matched that result in another week in October. We are very much hoping for a deal to be agreed before Christmas, as this should have a visible effect on our local property market, injecting both new sellers and buyers into the Chiswick market though I don’t believe we’ll see an obvious adjustment in prices until the Brexit dust has settled.” Martin Clements, Hammersmith and Shepherds Bush Sales Manager, adds, “We’ve seen a significant increase in the volume of sales here at Horton and Garton in 2018. Our local market is definitely moving. It’s absolutely a buyers’ market so sellers must be mindful of this adjustment and also ensure they instruct the very best and most experienced local agent.” Adam Challis, head of residential research at JLL, an investment management firm agrees, “Once we have confirmation of a deal and a reasonable transition period, people will start to feel more confident and this will encourage home owners and investors to buy again.” Challis also anticipates a slight rise in house prices next year. Positive economic indicators underpin the optimistic housing outlook: GDP is forecast to grow by 1.5% next year, followed by 2% in 2020 and peaking at 2.2% in 2021. Earnings are also expected to rise by as much as 4% for three consecutive years in 2021, 2022 and 2023, in line with London house price growth. For an honest overview of how the market is moving in your street or an up-to-date valuation of your Chiswick home, give us a call on 0208 996 5120, or email Paul. For the expert’s view on Hammersmith and Shepherds Bush, reach out to Martin Clements on 020 8819 0510.