Million Plus Property Market Thrives in Shepherd's Bush
But overall average price drops from all time high
The latest sales in the W12 post code area suggest that property prices have fallen back from the all time highs seen in the third quarter of last year.
Only 54 properties have been reported to the Land Registry as changing hands since the end of last September. The average prices was £537,341 well down on the £600,000 level seen in the previous three months.
However, the top end of the market appeared to be thriving with six homes changing hands for over £1,000,000 during the period. The most expensive of these was on Hartswood Road, costing its new owners £1,900,000 followed by a house in Binden Road selling for £1,550,000 and another on Uxbridge Road which sold for £1,500,000.
At the other end of the market meanwhile the statistics show Shepherd's Bush can still offer hope for first timers priced out of other local areas, with three flats selling at under £200,000, and another four for under £250,000.
The Land Registry will be issuing official figures for the fourth quarter early in February which will give a firmer indication of the direction of local property prices.
According to the RICS Residential Market Survey, the number of homes sold per chartered surveyor in London reached its highest point since October 2010 in December as the recovery in the capital’s property sector continued.
Over the festive period, the average number of transactions per surveyor in London, reached 16 - over treble that of the lowest point of the downturn back in February 2009 when respondents were selling a mere 6. With more sales now going through, growth in demand for rented accommodation has fallen again as a growing number of renters opt to test the sales market.
Meanwhile, with the amount of homes coming onto the market still nowhere near enough to meet the higher level of demand, prices continue to rise. In London during December, a net balance of 99 percent more chartered surveyors reported growing prices. Significantly, every area of the UK saw prices increase with London and the South East experiencing the biggest jumps.
Peter Bolton King, RICS Global Residential Director, commented: “The housing market is starting to thrive once more. Sales are at their highest level in almost six years and this is being reflected right across the UK. Growing availability of affordable mortgages has released some pent-up demand from a market that, in recent years, has seen many viable buyers unable to enter the market. On the face of it, this seems like good news but unless we see a marked increase in the number of homes coming up for sale we could well be looking at a price rises becoming unsustainable in some areas.”
The October data from Land Registry's House Price Index shows that London remains the best performing property market in England and Wales. The average price of a home in the capital rose by 8.7% over the year to £390,720 although it was slightly down on the previous month.
For the country as a whole prices rose by 3.1% which takes the average property value in England and Wales to £165,515. Repossession volumes decreased by 29 per cent in August 2013 to 1,200 compared to 1,682 in August 2012.
The most up-to-date figures available show that during August 2013 the number of completed house sales in England & Wales increased by 15 per cent to 74,767 compared with 65,014 in August 2012
The number of properties sold in England and Wales for over £1 million in August 2013 increased by 27 per cent to 1,104 from 871 in August 2012
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The latest reported sales are given in the table below:
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Source: Land Registry
February 3, 2014