|Shepherd's Bush Property Prices Bounce Back from Slump|
But number of transactions disappointing for estate agents
Property prices in Shepherd's Bush have made made a sharp recovery far this year after a serious slump in the second half of 2011.
According to the latest data from the Land Registry, the average price of a home sold in W12 during the first quarter of 2012 was £457,503 - up by 9.8% on the previous three months.
This remains below the peak of the market seen last year when the average reached of half a million pounds but the level is up 8.1% on the same period last year.
In the longer term, the average is 21.4% above what it was three years ago and 80.8% up over the last decade.
The recovery included all types of property, though terraced house prices appear to be benefiting most, with a jump of 11.6%, and across most areas of Shepherd's Bush, with the W12 postcode - the area around Askew Road - showing the average house price leaping from £639,351 to £840,153.
It wasn't all good news however. The number of transactions in the local market will be of concern to estate agents, with just 77 properties changing hands so far this year.
This represents a fall of around a quarter from the same period in 2011, though the period does include the chilliest winter months of January and February, when sales are traditionally slow. Agents have no doubt been hoping spring will bring back the buyers.
Looking at the bigger picture, March data from Land Registry's flagship House Price Index shows an annual price decrease of 0.6%, which takes the average property value in England and Wales to £160,372.
London remains the best performing area in the country with prices rising by 0.7% to £343,522 over the same period.
The most up-to-date figures available show that, during January 2012, the number of completed house sales in England and Wales increased by 13% to 42,511 compared to 37,584 in January 2011.
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
May 18, 2012