|Shepherd's Bush House Prices Slip in Autumn Quarter|
But flats and maisonettes show rise of 8.3%
The average property price in Shepherd's Bush slipped by 8.1% in the third quarter of 2011, from an all time high of £500,658 during the summer to £460,270.
The average value of terraced houses, which had soared by 24.4% between April and June to reach £761,766, dropped back by almost the same amount, 22.2% to £592,887.
Semi-detached houses also suffered a fall of 12% from £977,833 in the previous quarter to £860,840 between July and September.
By contrast, the average price of flats climbed from £297,177 to £321,794 - up 8.3%. This rise means the average price is now over £300,00 in all four postcode areas within W12.
The volume of properties sold also climbed by a dramatic 51.2%, from 84 to 127 - good news for local estate agents.
And the good news for home owners is that in the longer term, property in Shepherd's Bush remains an excellent investment. Over the last five years, prices are up by 23.5%, while over ten, they are up by 72.5%.
The September data from Land Registry's House Price Index shows an annual price decrease of 2.6% which takes the average property value in England and Wales to £162,109. The only region to experience an increase in value over the last 12 months is London with a rise of 2.7%.
The most up-to-date figures available show that during July 2011, the number of completed house sales in England and Wales decreased by 11 per cent to 59,919 from 67,475 in July 2010. The number of properties sold in England and Wales for over £1 million in July 2011 decreased by 24 per cent to 707 from 932 in July 2010.
According to the Nationwide's House Price Index which looks at offered prices rather that transacted sales UK house prices increased by 0.4% in October, lifting annual house price growth into positive territory for the first time in six months. The price of a typical home at £165,650 was 0.8% higher than October 2010.
Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said, “Given the challenging economic backdrop, October’s data is encouraging, but it doesn’t fundamentally change the picture of a housing market that is treading water. Property transaction levels remain subdued, and prices essentially flat compared to last year. The outlook remains uncertain, but with the UK economic recovery expected to remain sluggish, house price growth is likely to remain soft in the period ahead, with prices moving sideways or drifting modestly lower over the next twelve months.”
Source: Land Registry
November 18, 2011