|Hammersmith Property Sales - November 2010|
Prices fall back to levels seen during the Summer
The average price of a property sold in Hammersmith W6 during November was £585,696. This is well below the level seen in the previous month but similar to the average seen in the third quarter of 2010.
The most expensive property sold during the month according to the Land Registry was in St. Peter's Square and went for £2,950,000.
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 in London 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, "“There is little evidence to suggest that house price declines are likely to accelerate in the months ahead. Much of the weakness in property values since the Spring has been driven by a return of sellers to the market, following unusually low levels of property for sale in 2009 and early 2010. However, there is little to indicate that these sellers need to achieve a sale urgently for financial or economic reasons, which means that the downward pressure on house prices is only modest."
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 - November 2010
Source: Land Registry
May 3, 2011