|Latest Shepherd's Bush Property Sales|
Local market lags strong performance of neighbours
The latest sales figures for the Shepherd's Bush area continues to suggest it is not enjoying the same strength in prices as other parts of West London. The Hammersmith W6 area recently rose to record levels but since the beginning of March W12 prices have fallen since the third quarter of 2009.
Volumes also remain a concern with the bounce back from the very depressed levels during the credit crunch being much less convincing than has been seen in other areas.
The average price of a property in W12 during the first quarter of the year was £403,220 which was down by 5.8% on the previous quarter.
The April data from Land Registry's House Price Index shows an annual price increase of 14.8% in London. For England and Wales prices are up by 8.5%. This is the sixth month in a row in which the figure has been positive and takes the average property value in England and Wales to £165,596.
The Nationwide House Price index for April shows a 10.1% increase the first double digit annual increase since 2007.
Commenting on the figures Martin Gahbauer, Nationwide's Chief Economist, said, "the more important driver of rising house prices has been the low level of stock for sale, as many homeowners and buy-to-let landlords continue to wait for prices to recover to peak 2007 levels before deciding to sell up or move. The very low level of interest rates has been supportive of this wait-and-see approach, particularly in the buy-to-let sector."
He is anticipating that prices will flatten out over the next few months due to the petering out of new buyer enquiries at estate agents offices and an increase in the number of instructions from sellers.
The latest reported sales are given in the table below.
March 2010 Property Sales in Shepherd's Bush
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Source: Land Registry
October 4, 2010