Big Surge in W12 Property Prices

Sharp rises in the value of local homes in latest figures

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The latest figures from the Land Registry show a very sharp rise in local property values.

The average price of a home sold in the W12 area during the second quarter of this year was £462,273 up by 14.6% on the previous quarter.

The rise appears to have been across the board with all category of home increasing in value however the headline figure is boosted by the increase in price and volumes for larger properties in the west of the area such as Ashchurch Park Villas.

The rises are even more pronounced compared to the same quarter last year when prices and volumes were very depressed. Average prices were up by 48.1% and volumes have more than doubled.

London overall experienced an increase of 12.2
per cent in June compared to last year. In comparison
to this, the figure for England and Wales as a whole was
currently 8.4 per cent. London’s house prices are now around the same levels they were three
years ago.

London's monthly change brings the average house price there to £338,027, while the average for England and Wales is £166,072.

Looking ahead some analysts are not optimistic that the current price strength will be maintained.

Miles Shipside, commercial director of Rightmove, comments: “The number of new mortgages being approved each month is less than half the number of new sellers, with the imbalance being exacerbated by the increase of nearly 50% in the number of properties coming to market compared to a year ago. More aggressive pricing is now the order of the day, which means that conditions are ripe for a strong buyers’ market in the second half of 2010. This is likely to see the average price gains of 7% for the first half of the year wiped out by year-end, in line with Rightmove’s original forecast for the year of no net change in prices”.

Shepherd's Bush Property Prices - April - June 2010

Area Semi-Det Sales Terraced Sales Flat/Mais Sales Total Averages Total Sales
W12 0 0 0 435605 9 334000 4 404342 13
W12 7 0 0 767166 6 314313 15 443700 21
W12 8 0 0 498750 4 319497 18 352088 22
W12 9 1206166 6 672495 10 331908 23 553739 39
Total 1206166 6 594600 29 323925 60 462273 95
Change over quarter 9.2% 100.0% 2.3% 38.1% 7.7% 5.3% 14.6% 17.3%
Change over year 321.9% 50.0% 28.1% 141.7% 31.8% 130.8% 48.1% 126.2%

 

 

Source: Land Registry

August 11, 2010