Shepherd's Bush Property Market Suffers Winter Freeze

---

Low number of sales recorded but affordable flats prove popular

The property market in Shepherd's Bush remained somewhat frozen during the winter months, with a low number of transactions and the average price of flats continuing to drift lower.

The overall average price however rose to £786,462 - up by 15.6% from the previous quarter and 3.5% higher than a year ago.

This boost is partly due to an increased proportion of houses being sold compared to flats, as the average price of terraced houses rose to £1,144,895 - up a considerable 18.4% from the previous three months and 9% over the year.

However, it was a different story for flats, with the average price sliding to £508,966 - a fall of 2.7% from the previous quarter and 8.7% over the year.

This drop is mainly due to the change in the type of flats changing hands. The Land Registry records just three sales of new build flats within W12's upmarket developments in the last three months of 2016, with the remainder being older style properties, many with much lower price tags.

In fact, the figures show Shepherd's Bush remains an affordable oasis for those looking to buy their first homes, with a number of flats changing hands for under £300,000.

At the other end of the market meanwhile, the most expensive home sold during the period was a four bedroom house in Rylett Road which fetched £2,435,000.

The Office of National Statistic's House Price Index is showing that the average price of a home sold in England and Wales was £219,544 in December 2016 up by 7.2%. Having been consistently above the levels seen in the rest of the country prices in London are now rising less quickly than the overall average and now stands at £484,000. This is the first time home values in the capital have underperformed the rest of the country since the financial crisis in 2008.

The number of property sales in England in October 2016, the latest figure available was down 34.5% year on year.

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 (October - December 2016)
Area	Semi-detached	Sales	Terraced	Sales	Flat/ mais	Sales	Overall Ave	Overall Sales
W12 0	760000	1	762500	4	628000	3	711750	8
W12 7	0	0	1171000	3	490833	6	717556	9
W12 8	0	0	1230000	3	580401	8	757565	11
W12 9	2040165	3	1277778	9	469929	21	833000	33
Total	1720124	4	1144895	19	508966	38	786462	61
Change over quarter	38.0%	33.3%	18.4%	-32.1%	-2.7%	-38.7%	15.6%	-34.4%
Change over year	-12.1%	-20.0%	9.0%	-42.4%	-8.7%	-50.6%	3.5%	-47.0%
Change over three years	108.1%	-55.6%	32.1%	-34.5%	33.0%	-59.6%	49.1%	-54.1%
Change over five years	-	-	89.5%	-47.2%	61.1%	-43.3%	88.7%	-40.8%
Change over ten years	220.0%	-42.9%	120.6%	-60.4%	106.6%	-74.8%	145.9%	-70.4%

 

Source: Land Registry

May 29, 2017