|Brisk Trade in Shepherd's Bush Homes|
Prices at top end soar and flat sales surge
The average price of a home in Shepherd's Bush during the first three months of 2011 was £423,078, almost unchanged from the previous quarter, when the average was £426,200.
Prices at the top end of the market however rose sharply with the average semi-detached home soaring from £890,833 between October and December to £1,061,666 - a rise of 19.2%.
The number of houses sold was low, dropping from 36 in the previous quarter to 33. Flat sales on the other hand surged from 51 to 69.
" Demand for all types of property is strong, but the supply of family sized homes is low, " says Paul Jorgenson of estate agent Jorgenson Turner. " With larger homes, there are considerable costs involved in moving home, and at the moment people may be feeling cautious and deciding against a move.
" Flats in W12 are popular because they are still affordable compared with other local areas," says Paul, whose agency has around a dozen available for under £250,000. "They are also buying in an improving area - Shepherd's Bush is being gentrified with building work going on in every street."
Research published by Jones Lang LaSalle puts the sale price per sq ft in Shepherd's Bush at £539, above Acton and Ealing, but well below levels in other parts of the borough - £622 in Hammersmith and £702 in Fulham.
Source: Jones Lang LaSalle/Financial Times
House prices in London are now the only one in the country that have risen compared with the same period last year. The Land Registry's House Price Index shows that the average price in the capital was £336,828 in March 2011, up by 0.8% compared to the same month last year.
For England and Wales the average price is now £160,996 down by 2.3% from March 2010. Prices in the north east have fallen by 9.3% and in Wales they are down by 7.2%.
The numbers below are subject to revision as is it usual that some properties are added late to the Land Registry's database.
Source: Land Registry
May 20, 2011