Shepherd's Bush Property Sales - February 2011
Prices continue to make a steady recovery
The average price of residential properties sold in February this year in Shepherd's Bush is £430,755. This is slightly up on the last quarter of 2010 when the average dropped to £426,400, a sharp drop of 13% - almost £65,000 - from the peak levels seen in the Summer. There were 41 homes sold in the area during the month.
Two homes sold for over £1 million, including one in Ashchurch Park Villas which became the twelfth most expensive property to have been sold in Shepherd's Bush.
London property prices overall are up by 3.2% in February compared to last year. Prices were down marginally on the previous month. This is still highest level in the country with the North East seeing prices fall by 7.1% in the same period. Nationally prices fell by 1.7% in February 2011 compared with February 2010.
This brings the average property price to £341,048, in comparison to the figure for England and Wales, which is £162,215.
Longer term London has also significantly outperformed the rest of the country according to the Nationwide House Price Index, with prices up 17% over the last five years. This compares to a modest 1.3% increase across the UK as a whole. Over the same period, the North was the worst performing region, with prices down 7.8%.
Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said, “Demand for homes has levelled out, supported by historically low interest rates and some stabilisation in the labour market. The continued uncertain outlook for the economy is likely to keep many potential buyers on the sidelines for some time yet. “Nevertheless, there are few signs of a glut of unsold homes building up on the market. Sellers remain reluctant to accept lower prices to secure a sale. In fact there are tentative signs that the volume of homes coming onto the market is slowing.”
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The latest reported sales are given in the table below.
February 2011 Property Sales in Shepherd's Bush
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Source: Land Registry
October 12, 2011