|Latest Shepherd's Bush Property Sales|
Local area not as strong as rest of borough
While house prices in Hammersmith and Fulham rose faster than anywhere else in London in the first quarter of this year, new figures show that Shepherd's Bush sales were not as strong as the rest of the borough.
The average price of a property sold in W12 since the beginning of the year is £390,358. In the fourth quarter of 2009, the average was up by 1.9% compared to the previous quarter to £428,093.
South of the borough, in Fulham, meanwhile, property prices have soared and out of 33 properties reported as sold in February, ten changed hands for over £1,000,000.
In the same month, London's annual house price change according to the Land Registry index was a positive 11.9 per cent, which is an increase from last month's figure, and the fifth month in a row in which the movement has been positive. It was also the strongest growth of any region.
The average value of a property in London is now £333,394, which is a decrease from last month.
The Rightmove House Price Index for February 2010 reveals that average asking prices increased by over £7,000 in the past month. This is the largest monthly increase since April 2007 and represents a year-on-year increase of 6.1%. In London they are showing the highest ever level of asking prices.
Miles Shipside, commercial director of Rightmove comments: "A price jump of over 3% is more comparable to the pre-credit-crunch boom-times. Sellers are setting their sights higher, and some agents are going along with them in order to win scarce instructions. Property for sale remains scarce in popular areas, but new supply to the market has to be priced at what buyers are willing and able to pay. An average increase of over 7,000 pounds may prove to be a bit too spicy for some buyers' tastes, now that economic constraints have forced them to develop a simpler palate."
January 2010 Property Sales in Shepherd's Bush
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Source: Land Registry
April 11, 2010