Flat Sales Make Strong Recovery at Start to the Year
Prices down as volumes remain anaemic
Flats have been the most active sector of the year so far according to data released by the Land Registry.
After historically low volumes in the final months of 2016 sales of smaller homes bounced back with 63 transactions in the first three months of the year in the W12 post code area.
There was no parallel recovery of houses which continued the low level of turnover seen in the previous year. The higher proportion of flats being sold led to a fall in the overall average of 6.8% to £654,099. However, if you look at the individual sectors of the market, the price trend appears to be less clear.
Simon Rubinsohn, RICS Chief Economist sees the lettings market as being stronger than the sales side. He said, "It is noticeable that the amount of new rental instructions coming through to agents is continuing to edge lower, which is not altogether surprising given the changing landscape for buy-to-let investors. One consequence of this is that rents are expected to continue rising not just in the near term but also further out and at a faster pace than house prices."
During March 2017 London was the worst performing region of the country according to the Land Registry with prices falling by 1.5% from the previous month to £471,742. Over the course of the last twelve months prices have risen by 1.5%.
For England as a whole prices are up by 4.4% in the year to March rising to an average of £232,530.
The number of completed house sales in London in January, the latest month for which figures are available, fell by 26.3% to 5,968 compared with 8,093 in January 2016.
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 2017) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Area | Semi-detached | Sales | Terraced | Sales | Flat/ mais |
Sales | Overall Ave | Overall Sales |
| W12 0 | 0 | 0 | 801000 | 7 | 431000 | 3 | 690000 | 10 |
| W12 7 | 0 | 0 | 0 | 0 | 400045 | 10 | 400045 | 10 |
| W12 8 | 0 | 0 | 1540000 | 3 | 521743 | 27 | 623568 | 30 |
| W12 9 | 1670000 | 2 | 1072667 | 6 | 591239 | 23 | 754016 | 31 |
| Total | 1670000 | 2 | 1041437 | 16 | 523476 | 63 | 654099 | 81 |
| Change over quarter | -2.9% | -50.0% | -18.4% | -30.4% | -2.4% | 31.3% | -20.8% | 8.0% |
| Change over year | 12.7% | -77.8% | -7.7% | -46.7% | -2.2% | -47.1% | -6.8% | -48.7% |
| Change over three years | 27.3% | -33.3% | 31.6% | -61.0% | 28.0% | -23.2% | 17.9% | -35.7% |
| Change over five years | - | - | 54.4% | -42.9% | 57.0% | 28.6% | 43.0% | 5.2% |
| Change over ten years | 162.9% | -77.8% | 83.8% | -70.9% | 91.8% | -30.8% | 64.3% | -47.7% |
Source: Land Registry
May 13, 2017
