Property prices protected
Thursday December 3, 2009
Homeowners in Shepherds Bush were saved from the worst of the recession by the Aussies. That's the word from one of the borough's longest-serving and most respected estate agents, Ian Dickson, local director of Winkworth Brook Green, who says the new Westfield London shopping centre was a recession-beater. But, Ian says, it's not just this recession that W12 homeowners have avoided the worst of - it's the next recession, too.
Ian says: "Westfield has ultimately safeguarded the investment of everyone who has bought or who will buy in Shepherds Bush. Forever."
Ian, who has worked as an estate agent in the borough since 1981 and has owned the Brook Green Winkworth franchise since 1985, says the real gain for local homeowners centres on the huge investment in public transport links. This includes the new overground rail station at Shepherds Bush near Westfield, the new bus garage in White City and the new Hammersmith & City line station at Wood Lane.
"Overall, these links really help, especially the overground connecting the area with south London. The new infrastructure makes Shepherds Bush - and White City specifically - more attractive to buyers."
While designer label shopping at the Australian-owned Westfield's mega mall helps, it's just part of the picture, says Ian. "It's also about perception. The arrival of Westfield has changed the way people across London view Shepherds Bush. The shops, restaurants and general buzz makes it more attractive to Londoners and those from outside the capital.
"Barring a few caveats, one suspects Westfield will have a long-term effect on the market. Even for the shops and bars that cannot afford the rents of Westfield, the area surrounding the centre is now benefiting from huge footfall. This will translate into increased prosperity."
And if anyone in the borough knows about the swings and roundabouts of Shepherds Bush's fortunes, it's Ian Dickson. He's watched the W12 underdog put itself back together after the major economic woes of the early 80s and 90s, only to fall victim to the next financial setback. But not this time.
"I've worked here for a long time - this is not my first recession. Last autumn, there was a huge amount of publicity about Westfield opening while at the same time the property market was in the doldrums. Coinciding with the opening of Westfield, there has been a marked increase in the number of property inquiries. The housing market was so depressed that it didn't immediately translate into sales. But by the start of the new year, the demand for properties was much stronger than anywhere else in London."
Now Shepherds Bush is able to start shaking off a down-at-heel image it's been saddled with since the 1970s, Ian claims. "Every time it picked itself up and dusted itself off after a recession, another recession knocked it for six. This time, that didn't happen."
But it's not just Shepherds Bush that is reaping the benefits of Westfield. The insulating effect also works for Brook Green. "Streets such as Netherwood Road and Sinclair Road will also benefit from the Westfield effect," says Ian. "They are equally wellprotected. And that's never been a problem with Brook Green. Yes, Westfield helps, but it is a different type of area as it has always weathered every recession well.
"That said, I see a lot of young couples looking for properties in Brook Green who often find Shepherds Bush a better bargain," Ian adds.
