W12 Property Prices Down Again

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Top end sales in Shepherd's Bush dwindle sharply

The price of properties sold in Shepherd's Bush has continued to fall according to the latest figures from the Land Registry.

The average price of a home sold in the W12 during the fourth quarter of 2011 was £416,685 which is down 9.5% compared with the previous three months' average of £460,270.

This slump however was not across the board, and was mainly caused by the drying up of sales at the top end of the market. Between October and December, there were no recorded sales of either detached or semi-detached houses - a marked contrast from the previous quarter, when 11 semi-detached houses changed hands, with an average price of £860,840.

This also contributed to the fact that fewer properties overall were sold - 103 compared with 127 between July and September - though this quarter does include the Christmas period, which is traditionally a quiet time for estate agents.

However, the price of terraced houses in Shepherd's Bush actually went up during these three months by 1.9% to take the average to £604,234. This represents a healthy rise over the last year of 8.2%.

The average price of flats meanwhile slipped by 1.8% to £315,912, but a closer look at the figures reveals this is not consistent throughout Shepherd's Bush. In one postcode, W12 9, the area around Askew Road, prices have actually risen from £313,053 to £358,796 while in the three other postcodes, W12 0,7 and 8 they have all dropped back under £300,000.

This could be good news for first time buyers as it means Shepherd's Bush can still offer some relatively affordable flats.

The December data from Land Registry's flagship House Price Index shows an annual price decrease of 1.3% which takes the average property value in England and Wales to £160,384.

The only region in England and Wales to experience an increase in its average property value over the last 12 months is London with a movement of 2.8% to £345,298. The North East experienced the greatest annual price fall with a decrease of 7.1% and the most significant monthly price fall with a decrease of 1.9%.

The most up-to-date figures available show that, during October 2011, the number of completed house sales in England and Wales decreased by 6% to 55,309 compared to 58,634 in October 2010. The number of properties sold in England and Wales for over £1 million in October 2011 decreased by 10% to 525 from 582 in October 2010.

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 to December 2011
Area	Terraced	Sales	Flat/Mais	Sales	Total Averages	Total Sales
W12 0	522038	13	284700	5	456111	18
W12 7	682833	6	283884	16	392688	22
W12 8	0	0	290155	19	290155	19
W12 9	639351	17	358796	27	467192	44
Total	604235	36	315912	67	416685	103
Change over quarter	1.9%	-16.3%	-1.8%	-8.2%	-9.5%	-18.9%
Change over year	8.2%	9.1%	0.7%	31.4%	-2.3%	18.4%
Change over three years					-2.2%	-
Change over five years					21.7%	-
Change over ten years					70.3%	-

 

Shepherd's Bush Property Prices - July to September 2011
Area	Semi-Det	Sales	Terraced	Sales	Flat/Mais	Sales	Total Averages	Total Sales
W12 0	389750	4	502640	13	329800	5	442833	22
W12 7	0	0	882333	3	347408	6	525716	9
W12 8	0	0	601897	7	323294	34	370860	41
W12 9	1130035	7	604977	20	313053	28	523187	55
Total	860840	11	592887	43	321794	73	460270	127
Change over quarter	-12.0%	83.3%	-22.2%	53.6%	8.3%	46.0%	-8.1%	51.2%
Change over year	-26.6%	120.0%	-5.0%	-2.3%	2.2%	37.7%	-6.1%	24.5%
Change over three years							12.9%	-
Change over five years							23.5%	-
Change over ten years							72.5%	-

 

Source: Land Registry

March 1, 2012