The times are a changin’ – John Horton’s predictions for the W6, W4 and W12 property markets in 2021
The start of the year is a good time for reflection.
The only way is up… Don’t look back in anger… Always look on the bright side of life… Things can only get better… Yes, I always tend to look to comforting song titles.
But this year, my new mantra is forward not backward, stay positive and believe that 2021 will be better.
This year has been extraordinary. Everyone across London and indeed the world have been touched by the effects of coronavirus. Only a year ago, we ended on a record high for sales and lettings and opened our new office at 172 King Street in Hammersmith.
While last year’s initial Spring lockdown was difficult, everyone pulled together and I’m sure that the Horton and Garton team is much stronger as a result.
We made giant leaps into the virtual estate agency business. Thankfully, our day-to-day office processes were already paperless, while the team adapted well to our new virtual working patterns. When we re-opened, we were ready to go!
As an independent business, the first lockdown gave us the opportunity to reflect on how our industry can change and improve. We took an incisive look to make sure we were as efficient and streamlined as possible. We are very fortunate to have a strong, experienced management team and the support of 24 experts in sales, lettings, property management and accounts.
Over the last 14 years, Horton and Garton has earned the right to say we are the Number One market leader in both sales and lettings across W6, W12 and W4.
It is the team’s dogged hard work and professionalism that ensured – despite one of the most challenging markets in my 25-year career – that our local market share grew for the 13th year in a row. I look forward to working with more of the very best properties and clients in 2021.
Unfortunately, the knock-on effects of the pandemic have had a huge impact on the local independent businesses in Hammersmith, Shepherds Bush and Chiswick. I know they are hurting, so I echo the comments from H&F Council Leader Stephen Cowan and hope that the residents of West London support their local businesses and shop local. It is these unique, and often independent traders, that make our community special.
What’s in store for 2021?
I believe we will see more properties come to the market for sale. Overall, it will remain a buyer’s market throughout 2021.
I see no great change coming to the prices of local houses, while the very best homes near desirable schools will continue to attract the best buyers and prices.
Many established family homeowners sold up and moved outside of London, allowing many local families to move into bigger homes with more outdoor space or room to work from home. Those fortunate to have secure jobs were able to take advantage of low mortgage rates and secure a great deal. While some sellers were minimising their rental portfolios to avoid the ever-increasing legislation in the private rental market.
For flats, it is a different situation. A growing number of landlords are selling and if we continue to see more vacant flats on the market, it could affect prices. Potential buyers should be watching closely.
There have been fewer Buy to Let landlords compared to previous years, and we have seen many buyers who would have bought flats in Zone 2 going on to buy other properties outside of London due to the pandemic.
We understand the current Stamp Duty holiday (allowing buyers to save up to £15,000 on a purchase up to £500,000), will not be extended past the end of March. While other tax increases are inevitable in 2021, with Capital Gains tax, Inheritance tax and Corporation tax all ear marked for an increase. Watch this space…
Choose the right agent the first time
It’s a well known industry fact that a third of all sales completed in 2020 were not sold by the first appointed agent but the second. Never has it been more important to be working with the right estate agent and get the price right from the start. Ask too much and it will cost you more than the discounted fee from the initial agent who told you what you wanted to hear.
If you are buying, selling or renting in 2021, or would just like to hear from the experts, please call the Horton and Garton team on 020 8819 0510 or email: office@hortonandgarton.co.uk and we can help answer your questions.
I wish you a safe and prosperous New Year.
John Horton MNAEA MARLA
Director
