Shepherd's Bush Property Prices Start to Slip
Latest home sales in W12 show prices drop but healthy demand
The average price of residential properties sold in October and November 2010 in Shepherd's Bush was £461,045.
This is below the average price in the third quarter of 2010, from July to September, which was £490,338 - an all time high for W12.
That very high average was partly due to the sale of just one house - a property in Ashchurch Church Villas which changed hands for just over £2 million.
In the following two months, just one local property broke the million pound barrier - a house in neighbouring Ashchurch Terrace which sold for £1,150,000.
Two other houses, in Ormiston Grove and Warbeck Road, achieved prices of £990,000 and £985,000.
At the other end of the property scale, the figures show that Shepherd's Bush can still offer bargain buys for first timers, with four flats being sold for under £200,000.
A spokesman for local agent Amber and Co says: " We have noticed prices dropping by up to 2% which has brought a good response from buyers - there is a strong demand both from cash buyers looking at the top end of the market and first timers trying to get onto the ladder.
"Considering Shepherd's Bush is so accessible, just six stops from Oxford Street, property in the area is still very affordable."
According to the Land Registry London property prices are up by 6.8% in November compared to last year. This is the slowest annual rise in 2010 but remains the highest level in the country.
This brings the average property price to £341,009, in comparison to the figure for England and Wales, which is £164,773.
For the country as a whole November's data shows a fall of 0.6%. This is the third consecutive month in which prices have fallen. The annual house price growth rate has continued to decline for the sixth month in a row, with an increase of 2.2%. This is the smallest growth seen in 12 months.
Nationwide's House Price index for December which is based on offer prices rather than actual sales like the Land Registry did show an increase.
Martin Gahbauer, Nationwide's Chief Economist, said, "When house prices are trending down only modestly rather than decisively – as has been the case in recent months – it is not unusual to a see a mixed pattern of monthly declines and occasional increases."
He added, "London and the South East saw particularly large price gains during this period (2010), as the scarcity of property was most acute in these regions. London will also have benefited from the strong recovery in the financial sector, which is an important driver of buyer confidence and housing demand in the capital."
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The latest reported sales are given in the table below.
October 2010 Property Sales in Shepherd's Bush
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Source: Land Registry
April 5, 2011