|Hammersmith Property Prices in September 2010|
Average house price in W6 falls below £600,000
Property prices in Hammersmith have fallen back from peak levels according to the latest official figures. Land Registry data for September shows the average price of a home sold in W6 as being £587,820. Prices by this measure peaked in the first quarter of this year when they rose briefly over £600,000 and again in June and Ruly.
Prices are up by 16.1% over the last year. In recent months it appears to be flats rather than houses that are leading the way. Flat sales volumes are up by 30.5% over the same period last year and prices are up by 25.4%
Over the last three years the rise in prices has been a more stately 9.2% and volumes are still well below what they were at that time.
Christian Harper of local agent Oliver Finn said, "We have certainly enjoyed a much better quarter than expected. Buyers numbers have reduced however the quality of buyers is second to none. Stock still remains paramount to the market stability. Instruction levels were expected to fall due to seasonal activity however good proceedable buyers will not wait forever and the market could stall if stock levels do not improve at the start of 2011. What a great and unexpected opportunity for sellers to capitalise whilst the going is good. I feel that European economics will play a larger part in market confidence during the next quarter"
For London as a whole the Land Registry data shows an increase of 8.8% in September over the same month in 2009. The average price of a London residential properly is now £340,344. This is the smallest annual rise since December 2009. Compared to August prices fell by 0.6%
The Nationwide's House Price index is suggesting a lower overall increase in prices than the Land Registry. This is based on offer prices for homes rather than achieved sale prices. Martin Gahbauer, Nationwide's Chief Economist, said, "October saw a continuation of the modest downward trend in house prices that began at the start of the summer. The average price of a typical UK property edged down by a seasonally adjusted 0.7% month-on month
He now thinks that a second round of quantatitive easing will be supportive for the property market.
The latest reported sales are given in the table below.
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 - September 2010
Source: Land Registry
January 18, 2011