Transactions scarce over recent months but buyers still appearing
Millions still being paid for apartments in Wood Crescent
The Shepherd’s Bush property market has seen the lowest level of transactions since records began over the last two quarters but buyers are still paying high prices in the area.
Someone was willing to pay £2,550,000 for an apartment in Television Centre just a few days after lockdown came into effect in April and the following month £3,750,000 was paid for one in the nearby Wood Crescent development, the fifth highest price ever paid for a home in the W12 postcode area. The adjacent flat in the development sold for just £25,000 less in 2018.
Family houses still were in demand with a semi-detached home on Emlyn Road being sold in May for £2,585,000 and a terraced property on Stanlake Road changing hands for £2,350,000. Another house on Leysfield Road went for £2,075,000 in April.
Figures released by the Land Registry show that higher ticket transactions appear to have slowed from the end of June which may be an indication of a reduction in the number of properties being put on the market at the height of the lockdown.
Only 25 properties have been reported as being sold so far in the third quarter of the year at an average price of £632,500 which is a 40.2% fall from the previous quarter when the average topped one million. However, with volumes so low it is not realistic to see average price levels as representative.
A local agent said, “It is very hard to get transactions completed at the moment because vendors and buyers have a very different conception of where they think the level of the market should be. Also the mortgage market has tightened up so people are embarking on searches assuming they will get funding to buy and are shocked when they can’t find a lender.
“However, if the buyer is convinced they have found the property they want and the seller can reconcile themselves to accepting a bit of a discount on offer then there are deals to be done. We don’t know if the stamp duty discount will be continued and this is increasingly focusing minds on getting deals done.”
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 - (July - September 2020)|
|Sales||Overall Ave||Total Sales|
|Change over quarter||-||-||-12.7%||-18.2%||-51.2%||14.3%||-40.2%||-7.4%|
|Change over year||-||-||5.2%||-71.0%||-36.2%||-76.1%||-17.8%||-75.0%|
|Change over three years||-||-||-22.7%||-43.8%||-21.0%||-71.4%||-18.4%||-68.4%|
|Change over five years||-||-||-0.1%||-78.6%||-10.2%||-77.5%||-9.4%||-78.8%|
|Change over ten years||-||-||63.2%||-79.5%||31.8%||-69.8%||29.0%||-75.5%|
|Shepherd's Bush Property Prices - (April - June 2020)|
|Sales||Overall Ave||Total Sales|
|Change over quarter||211.8%||0.0%||28.2%||-47.6%||42.5%||-69.6%||52.6%||-60.9%|
|Change over year||-22.5%||0.0%||32.8%||-45.0%||23.4%||-62.2%||30.0%||-54.2%|
|Change over three years||-3.3%||-33.3%||-6.4%||-65.6%||60.5%||-74.5%||26.9%||-70.0%|
|Change over five years||-5.1%||-33.3%||33.2%||-71.1%||74.0%||-81.1%||52.3%||-76.9%|
|Change over ten years||57.0%||-66.7%||96.3%||-62.1%||162.5%||-76.7%||128.6%||-71.6%|
Source: Land Registry
Nationally the Nationwide House Price Index showed a year on year increase of 5% to £226,129 up to the end of September. For London the average has risen by 4.4% over the year to £480,857.
Robert Gardner, Nationwide's Chief Economist, said: “Housing market activity has recovered strongly in recent months. Mortgage approvals for house purchase rose from c66,000 in July to almost 85,000 in August - the highest since 2007, well above the monthly average of 66,000 prevailing in 2019.
“The rebound reflects a number of factors. Pent-up demand is coming through, with decisions taken to move before lockdown now progressing. The stamp duty holiday is adding to momentum by bringing purchases forward. Behavioural shifts may also be boosting activity as people reassess their housing needs and preferences as a result of life in lockdown.”
November 9, 2020