|Shepherd's Bush Property Prices Slip in Spring|
But flat sales are soaring in W12
The average price of properties sold in Shepherd's Bush appears to have slumped in the three months between April and June.
The latest figures from the Land Registry show that the average has gone down by 8.5% from £457,503 to £418,773.
However, a closer look reveals that this large drop is partly due to the types and number of properties changing hands. In the first three months, just 77 properties were sold - 28 terraced houses and 49 flats - while in the spring months, local estate agents were kept busy as overall sales jumped to 120 - five semi-detached houses, 34 terraced houses and 81 flats or maisonettes.
This large volume of sales at the lower end of the market has dragged down the overall average, with the individual types of property recording smaller slips of 3.9% for terraced houses and 4.9% for flats.
The drop in the average flat price is good news for first time buyers, as it means Shepherd's Bush remains relatively affordable compared with neighbouring Chiswick and Hammersmith.
Local agent Winkworth report seeing a lot of young buyers "armed with healthy deposits and ready to invest in their first property."
The agent adds that well priced flats are also attracting buy-to-let investors, saying: "Many investors are seeing buy-to-let as a great way to supplement their pension, either with immediate effect or for the future."
For England and Wales as a whole meanwhile, prices are still rising, if slowly. The House Price Index shows an annual price increase of 0.9% which takes the average property value in England and Wales to £161,777.
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
August 10, 2012