Shepherd's Bush Property Prices Slip in Spring

But flat sales are soaring in W12

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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.

 

Shepherd's Bush Property Prices - April - June 2012
Area Semi-Det Sales Terraced Sales Flat/Mais Sales Total Averages Total Sales
W12 0 505500 5 627346 13 349500 5 540456 23
W12 7 0 0 367750 4 295562 8 319625 12
W12 8 0 0 694000 4 302657 35 342795 39
W12 9 0 0 741149 13 332813 33 448212 46
Total 505500 5 648160 34 317134 81 418773 120
Change over quarter - - -3.9% 21.4% -4.9% 65.3% -8.5% 55.8%
Change over year -48.3% -16.7% -14.9% 21.4% 6.7% 62.0% -16.4% 42.9%
Change over three years 76.8% 25.0% 39.6% 183.3% 29.0% 211.5% 34.2% 185.7%
Change over five years -6.1% -
Change over ten years 57.9% -

 

Shepherd's Bush Property Prices - January - March 2012
Area Terraced Sales Flat/Mais Sales Total Averages Total Sales
W12 0 486065 10 390622 9 440855 19
W12 7 703250 8 285099 10 470944 18
W12 8 0 0 339000 15 339000 15
W12 9 840153 10 325863 15 531579 25
Total 674578 28 333460 49 457503 77
Change over quarter 11.6% -22.2% 5.6% -26.9% 9.8% -25.2%
Change over year 10.2% -6.7% 6.5% -29.0% 8.1% -24.5%
Change over three years---- 21.4% --
Change over five years---- 16.7% --
Change over ten years---- 80.8% --

 

 

 

Source: Land Registry

August 10, 2012