|New Record High for Shepherd's Bush Property Prices|
Average zooms above half million, and houses up by over 180%
The average price of properties sold in Shepherd's Bush has hit a new record high, zooming above the half million mark to reach £522,535. This was up almost a quarter - 24.8% to be exact - over the previous three months when the average was only £418,773.
While terraced houses showed a relatively modest price hike of 8.7% to go from an average of £648,160 to £704,537, and flats rose by a small 3.5% from £317,134 to £328,211, semi-detached houses were a completely different story.
In fact, the figures showed a truly astonishing jump, with the average value of semi-detached homes almost tripling from £505,500 between April and June to £1.423,750 between July and September - a rise of 181.7%!
However, homes selling for above £1 million are becoming commonplace in Shepherd's Bush, with a total of 15 currently up for sale, including an extraordinary three bedroom penthouse created in the former BBC Studios in Wodstock Grove, which is for sale at £2,600,000.
There is also good news for agents in the volume of sales. In contrast with neighbouring areas, where the number of properties changing hands has dropped, W12;s figures show a healthy rise from 120 to 131.
Looking at the wider picture, London was the region in England and Wales which experienced the greatest increase in its average property value over the last 12 months with a movement of 5.5 per cent.
The September data from Land Registry's flagship House Price Index shows an annual price increase nationally of 1.1 per cent which takes the average property value in England and Wales to £162,561.
The most up-to-date figures available show that during July 2012, the number of completed house sales in England and Wales decreased by 9 per cent to 56,509 compared with 62,303 in July 2011.
The number of properties sold in England and Wales for over £1 million in July 2012 increased by 13 per cent to 817 from 725 in July 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
January 15, 2013