|House and Flat Prices Up in W12, but Number of Sales Down|
Slowdown at top end of market drags average back under half a million
The average property price in Shepherd's Bush has slumped below half a million pounds, according to the latest figures from the Land Registry.
The statistics show that in the final quarter of 2012, the average price dropped from £522,535 in the previous quarter to £495,864.
This may sound like bad news for the local property market, but a closer look at the figures however, reveals a more complicated picture, with prices of most properties continuing to rise.
The average value of flats rose by 5.2% from £328,211 in the previous three months to £345,248.
The average price of terraced houses meanwhile showed an even healthier rise of 18.3% from £704,537 to £833,324.
However, during these months, which includes the traditionally quiet Christmas period, the number of terraced houses changing hands halved from 56 to just 27, while the volume of lower priced flats stayed more stable at 63 compared with 71, thus helping to drag down the overall average.
Sales at the top end of the market also affected the overall average. Though the number of semi-detached houses changing hands was similar - three in the final quarter compared with four in the previous three months - the big difference was in the location.
Between July and September, all sales of semi-detached houses were in the high priced SW6 9 postcode area, around Askew Road and Wendell Park, with the average soaring to an all time high of £1,423,750 - up by almost 200% on the second quarter of 2012.
Between October and December, all three sales of semi-detached houses were in the W12 0 postcode area, which stretches north of Uxbridge Road to Du Cane Road and houses around Wormwood Scrubs, with the average sale price dropping by 56.3% to £621,666.
While local agents will be hoping sales will be brisker during the 2013 spring season, they can take comfort from the fact that prices in Shepherd's Bush are continuing to rise in the long term. Even with the slip in the average price during this quarter, it was still up 19% on the previous year and up 79.6% over ten years.
Looking at the wider picture, London was the best performing part of England and Wales during 2012 with an increase of 8.4% The average price of a home in London is now £371,223 according to the Land Registry.
For England and Wales as a whole prices rose by 1.7% over the year to £162,080.
The most up-to-date figures available show that during October 2012, the number of completed house sales in England and Wales decreased by 3 per cent to 56,337 compared with 57,988 in October 2011.
The number of properties sold in England and Wales for over £1 million in October 2012 increased by 14 per cent to 623 from 548 in October 2011.
All regions saw a decrease in repossessions between October 2011 and October 2012 ranging from 8 per cent in the South East to 35 per cent in the North East.
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 14, 2013