West Hampstead’s lettings market has seen a lot of growth in the past year with the number of registered tenants increasing by 17% annually. The central streets of West Hampstead, such as Kingdon Road, Sumatra Road, Dennington Park Road and Holmdale Road, continue to be very popular, and offer an ideal location for most young professionals with close proximity to all amenities and transport links. As a result, many investors enjoy good rental yields, which are often in the region of 5%. Keep reading to find out why people love living in West Hampstead:
West Hampstead (zone two) is considered a very commuter friendly area, and offers many bus routes and three stations - West Hampstead Thameslink station, West Hampstead Overground station and West Hampstead underground station (Jubilee Line).
The elegant double fronted properties of South Hampstead are in much demand and currently achieve up to 12% more in value than their West Hampstead counterparts. However, West Hampstead tenants can get a lot more for their money, particularly when it comes to the area’s very popular selection of period conversions. For example, a one bedroom period conversion flat in West Hampstead typically ranges in price from £320 per week to £360 per week, while a similar property in South Hampstead costs between £360 per week to £400 per week.
West Hampstead will soon see a flood of new residents to the area as developer Ballymore plans to launch their West Hampstead Square scheme in 2015, which will offer 250 brand new premium apartments, a Marks & Spencer’s and several fine dining restaurants. The development, which will be based in the heart of West Hampstead, will offer greater choice to tenants in an area dominated by conversations.
Shortage of larger family homes:
With an abundance of conversion apartments, larger family homes are always in very high demand, particularly as they very rarely make it onto the market. However, the area does offer some purpose built properties as an option for families looking to rent.
James Ripp, Sales Manager at our West Hampstead branch, comments: “The sales market in West Hampstead is still thriving despite conditions in London beginning to stabilise, with property prices rising by an average of 16% annually. The convenient area mainly attracts young professionals – primarily doctors, lawyers and traders – who particularly love the busy atmosphere found on West Lane, a trendy street with upmarket cafes and independent shops which reflect the areas village vibe. For those looking to buy in West Hampstead’s more centrally located streets, a one bedroom apartment usually costs between £450,000 and £550,000 and for a couple looking for a little more room, a two bedroom flat typically starts from around £550,000.