New Record Set for House Price in W12
Home in Hartswood Road becomes first to exceed three million
A new record has been set for the price paid for a home in Shepherd's Bush. A house on Hartswood Road has become the first residential property in the W12 post code area to change hands for over three million.
The actual price achieved by the six bedroom house was £3,202,000.
Record breaking property on Hartswood Road
Four of the five highest prices paid in the area are now on Hartswood Road. A few weeks before this record breaking sale, another house on the road sold for just under the three million mark.
Overall, prices in the area seem to have surged to new highs. In the second half of the year 61 sales have been reported to the Land Registry so far at an average price of £758,832. This is way above previous levels and may be partly due to a larger proportion of houses compared to flats being sold, but it seems highly likely that when the third quarter prices are published they will show local property prices to be at a new peak.
There are indications that this precipitous price rise may becoming to an end. A survey by the Royal Institution of Chartered Surveyors (RICS) on sentiment in the property market suggests that London prices started to fall in September for the first time in three years. This is based on a survey of their members rather than reported sales prices form the Land Registry.
The expectation amongst surveyors for the coming three months in London is that prices will fall further but that they will regain lost ground over the coming year.
A growing sense of caution seems to be indicated by a continued contraction in buyer demand. The RICS survey showed that it contracted in London for the fifth month in a row.
Simon Aldous MRICS, of Savills, said, "We do think there is uncertainty due to the forthcoming General Election and the changes that may arise to Mansion Tax, Annual Tax on Enveloped Dwellings, Capital Gains Tax, Stamp Duty. Changes to mortgage lending/regulation has softened the market in Prime South West London. "
Local agent Orchards of London, who have just opened a new office on Uxbridge Road, say that the frantic levels of activity seen earlier in the year are subsiding, which means activity this autumn " is likely to be at a steadier level as the effects of the mortgage market review have made the obtaining of a mortgage a more time consuming process and talk of a rise in interest rates become more pronounced.
" There does however remain a shortage of good quality housing supply and this will ensure that property values at least hold as we look to the future.
" At Orchards of London, our expectation is that the autumn market will remain a good time to buy and sell."
The average price in London during the month of July was £457,072 which is up by 19.3% compared with the same month in 2013. For England and Wales as a whole the average is now £175,653 compared with the peak of £181,442 in November 2007 up by 7.2%.
The most up-to-date figures available show that during May 2014 the number of completed house sales in England & Wales increased by 10 per cent to 72,900 compared with 66,325 in May 2013.
The number of properties sold in England and Wales for over £1 million in May 2014 increased by 32 per cent to 1,032 from 779 in May 2013.
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The latest reported sales are given in the table below:
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Source: Land Registry
October 13, 2014