W12 Property Prices Down Again

Top end sales in Shepherd's Bush dwindle sharply

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The price of properties sold in Shepherd's Bush has continued to fall according to the latest figures from the Land Registry.

The average price of a home sold in the W12 during the fourth quarter of 2011 was £416,685 which is down 9.5% compared with the previous three months' average of £460,270.

This slump however was not across the board, and was mainly caused by the drying up of sales at the top end of the market. Between October and December, there were no recorded sales of either detached or semi-detached houses - a marked contrast from the previous quarter, when 11 semi-detached houses changed hands, with an average price of £860,840.

This also contributed to the fact that fewer properties overall were sold - 103 compared with 127 between July and September - though this quarter does include the Christmas period, which is traditionally a quiet time for estate agents.

However, the price of terraced houses in Shepherd's Bush actually went up during these three months by 1.9% to take the average to £604,234. This represents a healthy rise over the last year of 8.2%.

The average price of flats meanwhile slipped by 1.8% to £315,912, but a closer look at the figures reveals this is not consistent throughout Shepherd's Bush. In one postcode, W12 9, the area around Askew Road, prices have actually risen from £313,053 to £358,796 while in the three other postcodes, W12 0,7 and 8 they have all dropped back under £300,000.

This could be good news for first time buyers as it means Shepherd's Bush can still offer some relatively affordable flats.

The December data from Land Registry's flagship House Price Index shows an annual price decrease of 1.3% which takes the average property value in England and Wales to £160,384.

The only region in England and Wales to experience an increase in its average property value over the last 12 months is London with a movement of 2.8% to £345,298. The North East experienced the greatest annual price fall with a decrease of 7.1% and the most significant monthly price fall with a decrease of 1.9%.

The most up-to-date figures available show that, during October 2011, the number of completed house sales in England and Wales decreased by 6% to 55,309 compared to 58,634 in October 2010. The number of properties sold in England and Wales for over £1 million in October 2011 decreased by 10% to 525 from 582 in October 2010.

The numbers below are subject to revision as is it usual that some properties are added late to the Land Registry's database.

 

Shepherd's Bush Property Prices - October to December 2011
Area Terraced Sales Flat/Mais Sales Total Averages Total Sales
W12 0 522038 13 284700 5 456111 18
W12 7 682833 6 283884 16 392688 22
W12 8 0 0 290155 19 290155 19
W12 9 639351 17 358796 27 467192 44
Total 604235 36 315912 67 416685 103
Change over quarter 1.9% -16.3% -1.8% -8.2% -9.5% -18.9%
Change over year 8.2% 9.1% 0.7% 31.4% -2.3% 18.4%
Change over three years -2.2% -
Change over five years 21.7% -
Change over ten years 70.3% -

 

Shepherd's Bush Property Prices - July to September 2011
Area Semi-Det Sales Terraced Sales Flat/Mais Sales Total Averages Total Sales
W12 0 389750 4 502640 13 329800 5 442833 22
W12 7 0 0 882333 3 347408 6 525716 9
W12 8 0 0 601897 7 323294 34 370860 41
W12 9 1130035 7 604977 20 313053 28 523187 55
Total 860840 11 592887 43 321794 73 460270 127
Change over quarter -12.0% 83.3% -22.2% 53.6% 8.3% 46.0% -8.1% 51.2%
Change over year -26.6% 120.0% -5.0% -2.3% 2.2% 37.7% -6.1% 24.5%
Change over three years 12.9%
-
Change over five years 23.5%
-
Change over ten years 72.5%
-

 

Source: Land Registry

March 1, 2012