The sales market in Brook Green has been incredibly strong this year, with certain streets seeing property prices increase by around 15 to 20% year on year. We're currently seeing a wide range of buyers migrating into Brook Green from other locations such as Notting Hill, Holland Park and Bayswater. Many buyers find the area very appealing as it offers superb green spaces, academically acclaimed schools and the Westfield shopping centre as well as good transport links into Central London. This demographic ranges from first time buyers and investors to young families or those looking for a pied-à-terre.
The Green is a wonderful open space and at the heart of the community. Having recently undergone extensive works to the play area and tennis courts, there are plans to enhance it further. Brook Green offers a variety of shops, cafes, pubs and restaurants. Kerbisher and Malt redefine the meaning of what a good, local, traditional chippi should be, and a very lively atmosphere can be found in one of London's original gastro pubs, The Havelock Tavern.
The latest Land Registry figures indicate that the London borough of Hammersmith and Fulham has experienced an annual price increase of 10.8%. This rise in popularity among buyers has brought with it plenty of competition, with the average 2 bed flat achieving between 20 and 30 viewings per week, which typically go to best and final bids. In some cases, vendors are able to make certain demands, like non-refundable holding deposits, an exchange on contracts within 14 to 21 days or contract races, where the buyer who exchanges first, is able to secure the property. However, because the market is at a state where demand outweighs the level of available stock, many buyers are happy to comply in order to secure a home.
Given the soaring property prices and renewed confidence in the market, we’re finding many vendors are holding off on placing their properties on the market. There have also been a lot of buyers who are either willing or financially able to bid well in excess of the asking price in order to achieve the winning bid, leaving others who have not acted fast enough disappointed. In addition, with the rising demand for properties in the area, competition is especially fierce among buy to let investors and first time buyers, who are constantly on the lookout for studios and one bedroom flats priced between £300,000 and £500,000.
Recently, we’ve seen a rise in young families registering, many of whom are French and Italian and tend to work in the City. They typically look for two bedroom, two bathroom garden flats priced at around £1 million, to larger five bedroom terraced period houses in the region of £2.5million. Although Brook Green appeals to professionals as well, the absence of a tube station here tends to encourage rather than discourage buyers, as they feel it retains its quaint village atmosphere.
Brook Green continues to prove desirable for many different types of buyer and with such high demand and limited volumes of properties coming to the market, combined with a more buoyant market, prices will inevitably rise again next year.