|Shepherd's Bush Breaks the Half a Million Barrier|
Average home price in W12 moves to an new all-time high
The average price of a home in Shepherd's Bush climbed above half a million pounds between April and June, with a rise in percentage terms of 18.3%.
From an average of £423,078 in the first quarter of the year, the figure hit £500,658 in the second.
Terraced houses appear to be most in demand in W12, with an even bigger jump of 24.4% from £612,299 to £761,766.
The most stunning prices rise appear to have happened in the postal area W12 7 - the streets around Wood Lane - where the average house changed hands for £1,018,300, compared with £677,964 during the previous three months.
And in W12 8, around Shepherd's Bush Green, six terraced houses changed hands in the second quarter with an average price of £875,000, whereas in the first quarter none at all were sold.
Semi-detached prices appear to show a slight fall, with the average dropping under the million mark from £1,061,666 to £977,833 - a drop of 7.9%. However, the reason for this is that in this quarter, three semi-detached homes were sold in W12 0, compared with none at all in the previous three months.
These semi-detached homes, in the north around Du Cane Road and Wormwood Scrubs, achieve much lower prices than in the south, with an average of £503,333. By contrast, the average value of a semi-detached home in W12 9, to the west of Shepherd's Bush off Askew Road has soared in three months from £1,061,666 to £1,452,333.
Dean Moriarty of agent Faron Sutaria puts healthy situation down to families choosing to downsize to Shepherd's Bush. " Here they are able to buy a property of equivalent value to the one they have just sold, but are left with surplus cash to invest elsewhere," he says, " either in a rental property or allowing them to help their children on to the first step of the property ladder.
There is also some good news for potential first time buyers, as the prices of flats and maisonettes has dropped by 5.1% from an average of £313,044 between January and March to £291,766. This means Shepherd's Bush is still affordable for first timers, and local agent Northfields is demonstrating that fact by highlighting Five Properties to View priced from £179,950.
Source: Land Registry
August 24, 2011