|W12 Property Market at a Standstill|
Latest figures make grim reading for estate agents
The latest figures from the Land Registry show the property market in Shepherd's Bush was almost at a standstill in the first quarter of this year.
Only 36 properties were sold between January and March 2009, compared to 99 in the same period last year. The number of sales was also down from the last quarter of 2008 when 51 transactions took place.
Earlier this year, local agents reported an increase in the numbers of people looking to buy and an increase in the number of offers being made on both houses and flats. However, as the Land Registry figures show transactions which have already completed, they are likely to lag behind current market activity.
Christian Harper of Oliver Finn said of the current statistics: "I would say that although these figures are in black and white I don't feel that it really offers a fair reflection to assess the total position of the market as the first quarter is the 'mucky quarter' with transactions completing from agreed sales in the winter months.”
In terms of prices, the Land Registry figures show that smaller properties in W12 have started to show some recovery: although only 22 flats changed hands in the first quarter of this year, compared to 33 in October – December 2008, the average price for apartments has risen slightly from £274,815 to £280,318. The average price of a terraced house in W12, however, plunged from £647,523 to £365,000 from the last quarter of 2008 to the first quarter of 2009 and only 7 were sold.
The average overall property price in the W12 postcode is now £348,583 down from £409,207 in January – March 2008.
The Land Registry data for March for the country as a whole shows an annual house price change of -16.2% which brings price levels back to those seen in August 2004.
London prices have fallen by 15.4 per cent to £299,613. However, prices did rise slightly in March, the first time in a year the price index has seen a positive change.
The numbers below are subject to revision as is it usual that some properties are added late to the Land Registry's database.
January - March 2009
Source: Land Registry
25 May 2009