|Hammersmith Property Prices - October 2010|
Two million pound plus properties drive the market up
Since the end of the third quarter of 2010 sale prices have averaged £648,596, which is a significant increase on the previous three months.
However, the higher average is being driven by transactions at the top end of the market including three homes that sold for over £2,000,000 - in St Peter's Square, Beauclerc Road and Stamford Brook Avenue. Without these sales, the average is similar to the previous period.
At the other end of the market, just two flats, in Hamlet Gardens and Rainville Court in Rainville Road, changed hands at under £200,000, though five were sold for under £250,000, making Hammersmith still relatively affordable for first time buyers.
Local agents remain positive about the property outlook in 2011. Alex Maile, MD of Lawson Rutter says: " The local property market has shown remarkable resilience and following a pretty busy start to the year it seems this is set to continue.
" We’re still seeing great appetite from people who want to move and once you put that against a couple of positive indicators, namely mortgage applications in London almost doubled last year and first time buyer affordability was at a 12 year high you can really only see the market going one way on the back of renewed confidence."
"I feel that all estate agents should be realistic and not too pessimistic."
And looking at his local area, he adds: " Brackenbury Village, Ravenscourt Park, Stamford Brook and Wendell Park will remain popular for local buyers."
According to the Land Registry, London property prices are up by 6.8% in November compared to last year. This is the slowest annual rise in 2010 but remains the highest level in the country.
This brings the average property price to £341,009, in comparison to the figure for England and Wales, which is £164,773.
For the country as a whole November's data shows a fall of 0.6%. This is the third consecutive month in which prices have fallen. The annual house price growth rate has continued to decline for the sixth month in a row, with an increase of 2.2%. This is the smallest growth seen in 12 months.
Nationwide's House Price index for December which is based on offer prices rather than actual sales like the Land Registry did show an increase.
Martin Gahbauer, Nationwide's Chief Economist, said: "When house prices are trending down only modestly rather than decisively – as has been the case in recent months – it is not unusual to a see a mixed pattern of monthly declines and occasional increases."
He added: " London and the South East saw particularly large price gains during this period (2010), as the scarcity of property was most acute in these regions. London will also have benefited from the strong recovery in the financial sector, which is an important driver of buyer confidence and housing demand in the capital."
The latest reported sales are given in the table below. The numbers are subject to revision as is it usual that some properties are added late to the Land Registry's database
Property Sales in Hammersmith - October 2010
Source: Land Registry
May 3, 2011