Believe huge White City developments will have positive knock on effect
House in Rylett Road sold for £2,750,000. Picture: Right Move
There have been just 23 sales reported to the Land Registry so far this year but it is understood that Covid related working restrictions have meant that documents have been processed more slowly than normal. Local estate agents say that the market has been stop/start since the end of last year due to the second wave coronavirus lockdown and the uncertainty over Stamp Duty. However, in Spring with the extension of the tax break the consensus is that activity has picked up sharply.
Although the small number of sales make it difficult to reach firm conclusions about the direction of prices, market professionals believe that prices have remained steady through the pandemic and well sited, good quality properties will generally go for near the asking price.
The average price so far this year in the W12 postcode area is £795,696 down 5.2% on the same period in 2020.
The early indications are that the market for flats remains relatively quiet while houses continue to be sought after. The highest price paid so far this year was for a detached house on Rylett Road which changed hands for £2,750,000.
Most local estate agents have a very positive view on local property values going forward.
A sales director at W12-based firm said, “Even people who live in the area often don’t appreciate the scale of what is being planned in the White City area. Shepherd’s Bush is sometimes seen as being the wrong side of the tracks as signified by Westfield’s branding preferences which never mentions it. However, I think this is set to change. The Edwardian property stock to the south and west of the area will complement nicely the deluxe apartments going up in White City.
“The conversion of derelict and little used parts of W12 into highly desirable living accommodation can only have a positive knock on effect on the rest of the area and I think we are just at the foothills of positive improvement which is going to be reflected in strong prices going forward.”
Shepherd's Bush Property Prices - (January - March 2021)
|Sales||Overall Ave||Total Sales|
|Change over quarter||-||-||-0.3%||-78.6%||5.0%||-68.8%||5.0%||-70.1%|
|Change over year||-||-||23.5%||-71.4%||-29.6%||-81.9%||-5.2%||-78.7%|
|Change over three years||-||-||7.9%||-72.7%||-36.0%||-89.4%||-7.8%||-86.1%|
|Change over five years||-||-||-0.3%||-80.0%||-0.1%||-87.4%||13.4%||-85.4%|
|Change over ten years||-||-||83.7%||-80.0%||70.8%||-78.3%||88.1%||-77.5%|
Source: Land Registry
Nationally the property market seems to have experienced a bounce in April after the announcement of the stamp duty holiday extension reaching a new record high average price of £238,831.
Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said, “Annual house price growth accelerated to 7.1% in April, only slightly below the peak of 7.3% recorded in December and up from 5.7% in March. In month-on-month terms, house prices rose by 2.1% in April, after taking account of seasonal effects, the biggest month rise since February 2004.
“Just as expectations of the end of the stamp duty holiday led to a slowdown in house price growth in March, so the extension of the stamp duty holiday in the Budget prompted
a reacceleration in April.
“However, our research suggests that while the stamp duty holiday is impacting the timing of housing transactions, for most people it is not the key motivating factor prompting them to move in the first place. For example, amongst homeowners surveyed at the end of April
that were either moving home or considering a move, three quarters said this would have been the case even if the stamp duty holiday had not been extended.
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May 10, 2021