New Estate Agent Plans Opening on Turnham Green Terrace
Lettings specialist Winchester White enters competitive market
The unit used to be occupied by Zen Maitri. Picture: ChiswickW4.com
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December 28, 2024
Another estate agent is poised to open on Turnham Green Terrace taking over the former premises of Zen Maitri.
Winchester White is a small residential lettings agency chain with existing branches in Wimbledon, Battersea, South Kensington and Earlsfield.
The company was set up in December 2009 by Alex Winchester, who holds a 100% stake in the company.
The sales market in the W4 post code area is largely moribund but the private rental sector is performing better and existing agents now get the majority of their revenue from charging fees to landlords rather than sales commissions.
Winchester White is offering zero fees during it opening period.
The latest quarterly report by Andrew Nunn and Associates highlights a continued reduction in instructions from landlords year on year in Chiswick which flats down by a third and the number of houses halving. This was a stark difference to the strong growth seen in the previous year. The report concludes that many tenants are extending leases due to the lack of alternatives in the area and that supply is being restricted by landlords deciding to sell investments due to higher mortgage rates and other costs. Rental levels for flats are measured as having risen by 11.6% up to the third quarter of 2024 with those for houses up a more modest rate of 1.6% With only marginal changes in capital values, this brings yields for flats in Chiswick to 4.9% and houses to 4.2%
Another local market practitioner said, “The market is already very competitive with most local operations switch focus to lettings which has enabled operators to hang on in there. This makes it very much a buyers’ market for landlord and agents are very conscious that they have to maintain a high standard of service. This means there isn’t likely to be much low hanging fruit for a new market entrant and they may struggle to win new custom even offering to waive fees. It may be that the office launch is based on the acquisition of an existing portfolio of clients from another firm but without a solid revenue base on day one, they will have to work really hard to make the office viable.”
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