|Hammersmith Home Prices Surge Upwards|
Local property values catching up with rest of London
The latest property sales released for the Hammersmith area are suggesting that prices are finally moving upwards after a period of lagging behind the rest of London.
The average price of a property sold in W6 since December 1, 2009 was £654,057 according to the numbers from the Land Registry. This compares to just £492,659 in the fourth quarter as a whole.
A closer look at the figures suggests that the size of this change has as much to do with the mix of properties being sold in recent months as a move in the overall market.
Since the beginning of December, five homes have been sold for prices of over £1 million, and another ten priced over £700,000 also changed hands.
There is also cause for caution further down the line. The Nationwide House Price Index, which is based on offer prices is showing a fall in February, the first for ten months.
The Land Registry House Price for London in January shows that the capital has been the strongest area of the country during the month with the average price now up by 10.5% compared to January 2009 and 3.9% compared to the previous month. The average London home now costs £336,212.
The January data for the whole country from the Land Registry shows an annual house price movement of 5.2%, which is the second month in a row in which the figure has been positive. While not all regions are recovering at the same rate, it is clear that overall prices are increasing. Monthly house price change is also positive this month at 2.1%. This is the eighth consecutive month that the figure has been above zero.
Right Move's House Price index, which is based on offered prices rather than sales prices, is showing that prices have moved down again during the winter. Their index for December is down by 2.2% during the month but up by 1.7% compared with last year.
The numbers below are subject to revision as is it usual that some properties are added late to the Land Registry's database.
Property Sales in Hammersmith - December 2009
Source: Land Registry
March 5, 2010