Shepherd's Bush Breaks the Half a Million Barrier

Average home price in W12 moves to an new all-time high

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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.

" Although there is still uncertainty over the economic outlook, this has not had a negative impact on the Shepherds Bush market, and has in fact stimulated it. Shepherds Bush and Brook Green are also perfect locations for first-time buyers, due to good transport links and proximity to affluent Kensington and Chelsea."

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.

 

 

Shepherd's Bush Property Prices - April to June 2011
Area Semi-Det Sales Terraced Sales Flat/
Mais
Sales Total Averages Total Sales
W12 0 503333 3 484421 7 289583 6 414903 16
W12 7 0 0 1018300 5 267863 11 502375 16
W12 8 0 0 875000 6 283457 13 470260 19
W12 9 1452333 3 759700 10 324495 20 558906 33
Total 977833 6 761766 28 297177 50 500658 84
Change over quarter -7.9% 100.0% 24.4% -6.7% -5.1% -27.5% 18.3% -17.6%
Change over year -18.9% 0.0% 28.1% -3.4% -8.3% -16.7% 8.3% -11.6%
Change over three years - 26.4% -
Change over five years - 51.3% -
Change over ten years - 104.7% -

 

Shepherd's Bush Property Prices - January to March 2011
Area Semi-Det Sales Terraced Sales Flat/
Mais
Sales Total Ave Total Sales
W12 0 0 0 469692 13 317658 6 421681 19
W12 7 0 0 677964 7 231111 9 426609 16
W12 8 0 0 0 0 326270 20 326270 20
W12 9 1061666 3 751718 10 326138 34 463636 47
Total 1061666 3 612297 30 313044 69 423078 102
Change over quarter 19.2% 0.0% 9.6% -9.1% -0.2% 35.3% -0.8% 17.2%
Change over year -3.9% 0.0% 5.3% 42.9% 4.1% 21.1% 4.9% 25.9%
Change over three years -14.7% -25.0% 0.5% 25.0% 6.2% -2.8% 3.4% 3.0%

 

Source: Land Registry

August 24, 2011