Shepherd's Bush Propert
Low number of sales reco
The property market in Shepherd's Bush remained somewhat frozen during th
According to the Nationwide House Price Index prices in London were down for the first time in eight years in September. It was the weakest performing region in the country with prices down by 0.6% year on year. Overall prices in the UK were up by 2.0% over the same period.
Robert Gardner, Nationwide's Chief Economist, said, “The annual rate of house price growth remained broadly stable in September at 2.0%, compared with 2.1% in August. Housing market activity, as measured by the number of housing transactions and mortgage approvals, has strengthened a little in recent months, though remains relatively subdued by historic standards.
“Low mortgage rates and healthy rates of employment growth are providing some support for demand, but this is being partly offset by pressure on household incomes, which appear to be weighing on confidence. The lack of homes on the market is providing ongoing support to prices.”
The direction of price movement is confirmed by the Royal Institution of Chartered Surveyors (RICS) which is also saying that prices are declining in London.
The latest report from the RICS report on says that the number of buyers and sellers is falling and sees the short-term outlook for prices as continuing to be poor. Most surveyors are predicting lower prices over the next three months.
They also believe the rise in base rates this month will also depress the market with around four million mortgage seeing a rise in interest rates as a result of the Bank of England's decision to increase rates by 0.25% to 0.5%.
Simon Rubinsohn, RICS' chief economist said, "The combination of the increased cost of moving, a lack of fresh stock coming to the market, uncertainly over the political climate and now an interest rate hike appears to be taking its toll on activity in the housing market.
"A stagnant second-hand market is bad news for the wider economy, not just in terms of spending, but also because it restricts mobility."
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
November 13, 2017
