|Hammersmith is the Winner in the Boat Race Property Stakes|
Price of homes with riverside view rise faster than houses in Chiswick
Homes close to Hammersmith's riverside have seen the biggest surge in value over the past year of all properties along the route of this week's boat races, according to analysis from estate agents Marsh & Parsons.
The research found that properties with a view in Hammersmith rose by almost 5% in the last year, beating neighbouring Chiswick, where prices went up by 4.4%.
While homes lining the south side of the river along the boat race course are now worth £1.55m on average, it is properties overlooking the route on the north side of the Thames that have experienced the fastest growth over the last year.
North of the river, the average property price along the route currently stands at £1.23m, following a strong 4% rise over the last twelve months – compared to just 2.7% annual growth south of the Thames.
And in the overall house price growth race along the 6.8km stretch of the Thames, Hammersmith Bridge is the fastest growing stretch, with house prices rising nearly 5% in the past twelve months.
The agent says that developments such as Fulham Reach close to the bridge are boosting the desirability of the area among both young professionals and investors and driving up prices.
Ben Gee, Associate Director and Sales Manager for Bishop’s Park says: “With great transport links emanating from Hammersmith, and property prices generally a little more affordable than in some neighbouring West London areas, the new housing developments springing up on the banks of the Thames here are attracting a lot of interest. Demand for two-bedroom flats is especially high.
" A river view of the striking Hammersmith Bridge or looking across to the historic Harrods Depository is the cherry on top for buyers.”
Around the next bend, just a length behind Hammersmith, Chiswick has witnessed the second sharpest increase, with property prices up 4.4% year-on-year. This is where you will also find the priciest street on the north side of the river, with average house prices on exclusive Chiswick Mall – directly overlooking the Chiswick Eyot – currently standing at £3.4m.
But coser to the Chiswick Bridge finishing line are most expensive riverside properties along the course – with homes on Mortlake's Thames Bank worth more than £4.5m on average.
At the other end of the route, riverside house prices in Putney have climbed 3.2% in value over the last year while across the river, nearby Fulham has witnessed a stronger 2.2% uplift, and still has the lowest average home values along course.
Price growth picks up on the home stretch river race, with property values in Barnes boosted 2.2% in the past year, and Mortlake’s average house prices up 2.7% since April 2014.
Overall, the research found that average price of riverside homes lining the route of the Boat Race currently stands at £1,311,354, with properties overlooking the course attracting a price premium of up to 20%.
April 17, 2015