Property Sales in Hammersmith - February 2009

Tiny number of transactions means misery for agents

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The latest figures from the Land Registry are showing that the credit crunch is starting to have a noticeable impact on property values and volumes. Prices are down but transaction volumes have plummeted by nearly 60%

The web site Primelocation.com released figures last month claiming that sellers had increased the price of properties in the area by over 14% during January. Estate agents are looking to overseas buyers attracted by bargains presented by the weakness of sterling to provide support for the market particularly at the top end. The sale of a property in Hammersmith Terrace for over £2.5 million suggests this may not be totally wishful thinking (see table below).

The Land Registry numbers are for actual transactions rather than prices at which properties are being offered for sale so they may present a more reliable picture of the market.

The average price for a W6 property sold in the fourth quarter of last year was £452,455. This is down by 7.4% less than half the fall seen elsewhere in London and the country.

The most alarming number for estate agents is the volume figures which show that only 60 properties changed hands during the quarter. With 41 agents listed as being based in the area, significant consolidation seems likely.

The Land Registry data for January for the country as a whole shows an annual house price change of -15.1 per cent. This marks the seventeenth month in a row where the annual rate of change has fallen. This contrasts with the 21 months of uninterrupted increases in the annual rate of change between December 2005 and August 2007. Prices in London were down by 14.1% over the year.

The average property in England and Wales is currently worth £156,753 and the rate of monthly price change stands at -0.8 per cent. Sales volumes nationally have continued to decrease, with the number of sales averaging 41,014 per month in the months August to November 2008. In the same period in 2007, the average was £106,495

The numbers are subject to revision as usually some properties are added late to the Land Registry's database

Property Sales in Hammersmith

Address Price Date
4, Perrers Road, W6 0EZ
615,000
27/02/2009
First Floor Flat, 121, Hammersmith Grove, W6 0NJ
285,000
27/02/2009
34d, Ravenscourt Road, W6 0UG
425,000
27/02/2009
Flat 327, Latymer Court, Hammersmith Road, W6 7LD
175,000
26/02/2009
137, Sulgrave Road, W6 7PX
980,000
19/02/2009
63, Carthew Road, W6 0DU
545,000
12/02/2009
33, Crefeld Close, W6 8EL
310,000
11/02/2009

 

Source: Land Registry

Previous Sales in Hammersmith

March 18, 2008