|Turnover Doubles in W12 Property|
Sales levels twice the same period last year
The latest figures from the Land Registry show the property market in Shepherd's Bush continued to rise towards the end of last year.
The average price of a property in W12 was up by 1.9% compared to the previous quarter to £428,093. Compared to the same period last year prices are up by 5.5%.
In December, London experienced an annual house price change of 6.1% according to the Land Registry. This is the third month in a row that prices have increased year on year. Although London’s annual movement has mirrored that of England and Wales for some time, it now appears that London’s growth in general is increasing more rapidly.
The figures for England and Wales as a whole in December show an annual increase of 2.5%. This brings the average house price in England and Wales to £161,783. This is the first positive annual house price change since May 2008.
Right Move's House Price index, which is based on offered prices rather than sales prices, is showing that in January in London prices rose to an average of £407,731. This represents an annual change of 5.5%. Right Move say their figures show 'century low' stock levels for estate agents with the average agent having less than 65 properties on their books.
Miles Shipside, commercial director of Rightmove said, “The decision of post New Year sellers to ask for a higher price could be a shrewd move. In spite of problems brewing for later in the year, there are definitely some of the ingredients for a buoyant spring, and a window of opportunity that sellers may wish to take advantage of.”
The numbers below are subject to revision as is it usual that some properties are added late to the Land Registry's database.
October - December 2009
July - September 2009
April - June 2009
Source: Land Registry
February 9, 2010