Shepherd's Bush Flat Prices Reach New Record

And overall average price is now just a fraction under half a million

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Flats in Shepherd's Bush were in high demand in the first three months of 2013, with sales up by 23.8% over the last quarter, and by almost 60% over the same period last year.

78 flats changed hands, compared with 63 in the previous three months while the average price also rose, reaching an all time high of £351,607.

The strong performance of flats also helped push up the overall average property price to a fraction under the half million mark at £499,917,

The most popular areas for flat buyers were W12 9, in the west of Shepherd's Bush around Wendell Park and what agents term "Askew Village" and W12 8, taking in the centre of Shepherd's Bush north of Goldhawk Road.

This area includes St James' development Lime Grove Mews, which included 49 apartments, some aimed at first time buyers, which have now all sold out.

Housebuyers were also undeterred by the unsually cold winter weather, with sales rising strongly from 30 in the previous quarter to 46 between January and March. This is the second highest number of properties sold in a quarter since the end of 2007.

House prices showed a slip of 9.8% from £833,324 to £751,399 compared with the last quarter, but they were still up by 9.3% over the last year and 24.0% over the last three. And looking even longer term, they have leapt by 81.2% over the last decade.

Dean Moriarty of agents Faron Sutaria says that Shepherd's Bush is still benefiting from "the Westfield effect2. He adds: " The area has become a hot bed for investment, attracting a wider range of buyer than the usual young family swapping a cramped Notting Hill apartment for one of W12’s spacious Victorian terraced houses.

"It appears that the wall has finally been torn down around the Shepherd’s Bush roundabout, and the cash rich investors from Kensington and Chelsea have marked W12 as the next alternative in which to invest."

Looking at the wider picture, the March data from Land Registry's House Price Index shows that London remains the best performing property market in England and Wales. The average price of a home in the capital rose by 9.6% over the year to £374,568.

For the country as a whole prices only rose by 0.% which takes the average property value in England and Wales to £161,793. London has seen a rise in repossessions which were up by 28% in January 2013 compared with the same month in 2012.

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 (January - March 2013)
Area Terraced Sales Flat/Mais Sales Total Averages Total Sales
W12 0 566186 18 291890 10 468223 28
W12 7 458583 6 284563 15 334283 21
W12 8 1047166 12 387998 28 585748 40
W12 9 905550 10 374961 25 526558 35
Total 751399 46 351607 78 499917 124
Change over quarter -9.8% 70.4% 1.8% 23.8% 0.8% 33.3%
Change over year 11.4% 64.3% 5.4% 59.2% 9.3% 61.0%
Change over three years 29.3% 119.0% 16.9% 36.8% 24.0% 53.1%
Change over five years 23.4% 91.7% 19.3% 9.9% 22.2% 25.3%
Change over ten years 81.2% -

 

Shepherd's Bush Property Prices (October - December 2012)
Area Semi-Det Sales Terraced Sales Flat/Mais Sales Total Averages Total Sales
W12 0 621666 3 680750 13 347155 11 538276 27
W12 7 0 0 768750 4 304950 10 437464 14
W12 8 0 0 0 0 344144 17 344144 17
W12 9 0 0 1057500 10 361278 25 560199 35
Total 621666 3 833324 27 345248 63 495864 93
Change over quarter -56.3% -25.0% 18.3% -51.8% 5.2% -11.3% -5.1% -29.0%
Change over year - - 37.9% -25.0% 9.3% -6.0% 19.0% -9.7%
Change over three years -56.7% -40.0% 52.7% -18.2% 17.1% -6.0% 15.8% -11.4%
Change over five years------ 18.2% -
Change over ten years----- 79.6% -

 

 

Source: Land Registry

May 24, 2013