Borough sees London's biggest increase in house prices
House prices in Hammersmith and Fulham have shot up
by 8.8 per cent, making it the best performing borough in London according to Rightmove.co.uk.
Information released yesterday by Rightmove shows the average asking price in London smashed through the £400,000 barrier for the first time.
Houses are now reaching a record average of £403,637. Annual average asking prices in London are also up by 20 per cent.
Rightmove said this upward trend was due to an increase of higher value three bedroom properties coming onto the market to beat the home information packs (Hips) deadline on September 10.
It is anticipated that the average asking price will return to a lower level when Hips are launched for two bedroom properties, potentially spurring
an increase in lower value homes on the market.
A spokesperson for Rightmove remarked that so far this year, record price
levels have been spurred on by the health of the economy in the south of the country and particularly in London, where buyers can afford to pay more
leading to demand outstripping a limited supply.
The spokesperson added that these figures are a reflection of the phased
launch of Hips encouraging a rush of higher value three bedroom properties to
beat the deadline and skew average price growth.
In spite of the rises, the trend overall is one of a slowing market. A
property is now on the market for an average 86 days, the highest October
level since 2002, indicating a slowdown.
London is a major capital so prices should be strong over the long-term.
Rightmove concluded that the best performing boroughs in London were
Hammersmith & Fulham and Camden, where prices were up 8.8 per cent and 6.6 per cent
respectively. In comparison, prices fell by 0.5 per cent in Kingston-on-Thames.
October 19, 2007