New All-Time High for Shepherd's Bush Property

Average home price approaches half a million pounds

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Property prices in W12 have hit their highest ever level, according to the latest official figures.

The average price of a Shepherd's Bush home in the third quarter, from July to September, was £490,338.

That was up 6.1% over the previous quarter, when the average was £462,273 and up by 16.7% on the same period last year.

The number of homes changing hands is also up from 95 in spring to 102 - a 7.4% jump during the summer period which is normally quiet for estate agents.

This activity is being led by houses. The number of terraced houses changing hands has leapt up by a huge 51.7% from 29 to 44.  The average price meanwhile is up from £594,600 to £624,134 - up 5% on the previous quarter and 14.9% over a year.

The number of semi-detached houses being sold remains small - five in summer, and six in spring -  and prices show a slight slip of 2.9% this quarter, they are still up a huge 63.1% compared with one year ago.

Sales of flats and maisonettes meanwhile are less buoyant, with 53 sold in summer compared with 60 in spring. Average prices have also dropped by 2.8%, from £323,925 to £319,471. In the longer term however, the trend is still positive with a year on year rise of 6%.

Christian Harper of local agent Oliver Finn said: "We have certainly enjoyed a much better quarter than expected. Buyers' numbers have reduced, however the quality of buyers is second to none.

" Stock still remains paramount to the market stability. Instruction levels were expected to fall due to seasonal activity, however good proceedable buyers will not wait forever and the market could stall if stock levels do not improve at the start of 2011. What a great and unexpected opportunity for sellers to capitalise whilst the going is good. I feel that European economics will play a larger part in market confidence during the next quarter"

For London as a whole the Land Registry data shows an increase of 8.8% in September over the same month in 2009. The average price of a London residential property is now £340,344. This is the smallest annual rise since December 2009. Compared to August prices fell by 0.6%

The Nationwide's House Price index is suggesting a lower overall increase in prices than the Land Registry. This is based on offer prices for homes rather than achieved sale prices. Martin Gahbauer, Nationwide's Chief Economist, said: " October saw a continuation of the modest downward trend in house prices that began at the start of the summer. The average price of a typical UK property edged down by a seasonally adjusted 0.7% month on month
in October."

He now thinks that a second round of quantatitive easing will be supportive for the property market.

Shepherd's Bush Property Prices - July - September 2010

Area Semi-Det Sales Terraced Sales Flat/Mais Sales Total Averages Total Sales
W12 0 0 0 424123 15 306666 3 404547 18
W12 7 0 0 677714 7 264809 11 425383 18
W12 8 0 0 790000 5 356194 19 446570 24
W12 9 1172800 5 729780 17 304645 20 580075 42
Total 1172800 5 624139 44 314971 53 490388 102
Change over quarter -2.8% -16.7% 5.0% 51.7% -2.8% -11.7% 6.1% 7.4%
Change over year 63.1% -28.6% 14.9% 22.2% 6.0% 0.0% 16.7% 6.3%

 

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

November 29, 2010

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