|Shepherd's Bush Property Sales April 2010|
Local market stages a recovery after quiet start to the year
The average sale price of a residential property in April rose to £480,702. This bodes well for a good recovery in average prices which fell to just £408,000 in the first quarter on low volumes.
The month saw three properties change hand for over £1,000,000 including homes on Binden Road, Ashchurch Terrace Villas and Boscombe Road.
The average house price for England and Wales in April was £165,596, up by 0.2%, and the average house price for London was £341,487, up by 1.6%.
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.
April 2010 Property Sales in Shepherd's Bush
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Source: Land Registry
October 4, 2010