|W12 Property Prices Down Again|
Top end sales in Shepherd's Bush dwindle sharply
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 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
March 1, 2012