Pre-lockdown sale sees over £4million exceeded for the first time in W12
The Aubrey Place development off Emlyn Road
A detached house in the Aubrey Place development off Emlyn Road has become the first to cost more than £4million in the Shepherd’s Bush area.
£4,150,000 was paid for the largest property of the nine houses in this luxury gated development. They have all now sold.
The transaction went through at the end of last year but appeared late on the Land Registry’s database.
It is not the most expensive property in the W12 postcode area however. Shepherd Bush’s highest ever priced property remains a penthouse apartment at Television Centre in Wood Lane, which sold in October 2018 for just under the five million mark at £4,964,841.
Previously the most expensive house in the area was one in nearby Hartswood Road with six bedrooms which changed hands, for £3,700,000 back in January 2016.
Large family houses continued to attract buyer interest right up until the coronavirus struck with £2,250,000 being paid for a terraced house on Ormiston Grove this February.
Overall though, transaction levels were low so far this year even prior to lockdown with just 41 sales reported to the Land Registry. The average price was down by 25% in the first quarter of the year compared with the same period in 2019. Given the low volume of sales and the boosting of the average in the comparison period by some exceptionally highly priced individual sales including the Television Centre penthouse, it is difficult to conclude that prices have actually fallen by a quarter.
House in Ormiston Grove went for £2,250,000 in February
Local estate agents were generally unwilling to comment on the current situation with some confessing that they are confused about how the market will develop from here. Pent up demand does seem to have resulted in some agents being busy at the moment but there is uncertainty as to how long this can be sustained. Many believe that there will be closures of branches of their competitors when the furloughing scheme ends.
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 2020)|
|Sales||Overall Ave||Total Sales|
|Change over quarter||-79.4%||0.0%||-16.8%||-33.3%||-11.8%||-48.1%||-23.5%||-45.3%|
|Change over year||-76.7%||-60.0%||-31.7%||0.0%||-4.7%||-38.6%||-25.7%||-32.8%|
|Change over three years||-63.6%||0.0%||-1.0%||-25.0%||-4.8%||-57.1%||0.8%||-49.4%|
|Change over five years||-44.3%||0.0%||9.2%||-40.0%||-1.3%||-57.8%||6.2%||-52.3%|
|Change over ten years||-45.0%||-33.3%||77.4%||-42.9%||65.7%||-52.6%||63.6%||-49.4%|
Source: Land Registry
According to the Land Registry’s House Price Index, London was the best performing region of the country seeing a 4.7% rise in prices up to the end of March 2020. This brought the average price in the capital to £485,794. The rise for England was of 2.2% bringing the average property value to £248,271.
The Nationwide’s House Price Index showed a similar picture with a 3.7% annual growth rate for prices up until the end of April, the fastest since February 2017.
Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said, “In the opening months of 2020, before the pandemic struck the UK, the housing market had been steadily gathering momentum. Activity levels and price growth were edging up thanks to continued robust labour market conditions, low borrowing costs and a more stable political backdrop following the general election.
“But housing market activity is now grinding to a halt as a result of the measures implemented to control the spread of the virus, and where the government has recommended not entering into housing transactions during this period.”
He added that while the low level of transaction might mean it is difficult to calculate the index in the short term, “the raft of policies adopted to support the economy, including to protect businesses and jobs, to support peoples’ incomes and keep borrowing costs down, should set the stage for a rebound once the shock passes, and help limit long-term damage to the economy. “
June 22, 2020