Property prices in Shepherd’s Bush went up dramatically last year as Westfield shopping centre had a positive influence on the west London area, a survey has shown.
The W12 postcode experienced some of the fastest rising property prices in the capital, with asking prices rising to £544.85 in the fourth quarter of last year, up 11.6 per cent from £486.64 a year earlier.
Shepherd’s Bush trailed only Kensington (W8), Rickmansworth (WD3), the Isle of Dogs (E14) and Chelsea (SW3) in Hamptons International’s rankings of the top performing postcodes in 2011.
The Westfield shopping centre has brought a number of jobs into the area, while it has also resulted in the development of Shepherd’s Bush London Overground station.
Zai Zaman, from Amber & Co. estate and lettings agents in Shepherd’s Bush, believes the shopping centre has brought a number of benefits to W12.
“Westfield has had an impact,” said Zaman. “There are pros and cons to Westfield, but it is mostly positive.
“The rental side has improved because of the shopping centre, but we now have a problem with the parking. They are changing parking restrictions in some areas, so at least they are looking at the problem.
“The London Overground station has helped. If you want to go to Clapham or Waterloo then you can just jump on the Overground.”
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The area has proved particularly popular with expanding families, according to Zaman, especially those who cannot quite afford the most expensive parts of west London.
Zaman said: “Sales are up, but the lettings have gone up slightly more. Now we get a lot of family and middle class people coming into the area. In particular, young families who want to grow and would like to have kids, so they need a few more rooms. They can’t afford Notting Hill Gate or Holland Park, so they look to Shepherds Bush.”
Hamptons International’s research also looked at the most and least expensive postcodes in London last year.
South Kensington and Knightsbridge (SW7) was found to be the most expensive postcode, with asking prices for property at a staggering £1,717 per sq ft. Belgravia (SW1) and Chelsea (SW3) were not too far behind.
Stanwell and Wraysbury (TW19) had the least expensive property asking prices of all postcodes. Buyers can expect to be asked to pay just £228 per sq ft in the area, which was closely followed by Thamesmead (SE28) and Bromley (BR1).
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