Million Pound Properties on the Increase in W12
But Bush also has bargain buys for first time buyers
The average price of residential properties sold so far in the second half of 2011 in Shepherd's Bush is £468,376.
This appears to show a fall from the second quarter of the year when the average peaked at over £500,000.
However, a closer look at the 55 home sales reveals this drop average may have more to do with the relatively small number of larger houses being sold during the period than a general decline in prices.
Since the end of June, only two have changed hands for over £1,000,000. A home in Flanchford Road was the most expensive, selling for £1,350,000, while a second property in Binden Road in Wendell Park achieved £1,265,000.
This is in contrast to the general picture in our borough, with a new survey from Lloyds TSB revealing that Hammersmith and Fulham had the third highest total of million pound home sales in the country with 198 sold during the first half of the year.
However, as we get closer to the end of the year, Shepherd's Bush seems to be catching up with neighbouring Hammersmith and Fulham, which according to the same survey had the postcode - SW6 - with the highest total of million pound sales in the country, a total of 142.
Website Prime Location currently lists no fewer than 24 properties for sale in Shepherd's Bush above the million mark, including a five bedroom house in Hartswood Road priced £3,500,000 and a unique two bedroom architect designed property in Greenside Road selling for £1,650,000.
At the other end of the market, the figures from the Land Registry contain good news for first time buyers. With four flats priced under £200,000 and another six under £250,000 Shepherd's Bush is still one of the best areas in West London to kake a first step onto the property ladder.
This is still the case in November, with a choice of over 20 flats available in the area with price tags below £200,000.
London is the only region in England and Wales to experience an increase in its average property value over the last 12 months, according to the Land Registry's. The average price rose by 2.1% to £348,686.
The national House Price Index shows an annual price decrease of 2.6% which takes the average property value in England and Wales to £162,347.
The most up-to-date figures available show that during June 2011, the number of completed house sales in England and Wales decreased by 13% to 54,776 from 62,714 in June 2010. The number of properties sold in England and Wales for over £1 million decreased by 28% between June 2010 and June 2011, from 644 to 465.
The numbers below are subject to revision as is it usual that some properties are added late to the Land Registry's database.
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The latest reported sales are given in the table below.
July/August 2011 Property Sales in Shepherd's Bush
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Source: Land Registry
November 4, 2011