|Brisk Business at Both Ends of W6 Property Market|
And high price levels are also being maintained in second half of year
63 properties are reported as sold so far in W6 since the end of June, at an average price of £600,675.
This is slightly down on the average price for the second quarter of 2011, which reached £626,853, just short of the all time high of £631,677 achieved in the last quarter of 2010.
However, this is partly due to the strong demand at the bottom end of the market. Hammersmith remains comparatively affordable for first time buyers, compared to other areas such as Fulham and Chiswick, with 15 properties changing hands for under £300,000, and three selling for under £200,000 - with the cheapest, in Longthorpe Court in Invermead Close priced just £109,650.
Local agent Winkworth says the lack of affordable mortgages cause a marked fall in demand from first timers last year, but now: " First time buyers have started to come back this year, heavily supported by the bank of mum and dad. A good first time buyer property will always sell."
Though the vast majority of properties sold for under £1 million, four - in Coulter Road, Melrose Terrace, Cromwell Grove and Ravenscourt Road - changed hands for between £1 million and £2 million, and a second house in Ravenscourt Road almost broke the £3 million barrier at £2,875,000.
Ed Mead, Director of Winkworth, says that these continuing high prices are due to buyers competing over a limited supply of properties. " Far fewer people are opting to move home as the cost of moving has become prohibitive for many homeowners," he says." With property supply likely to decrease over the next quarter and demand increasing, it appears to be an excellent time to be selling. "
London was the only region in England and Wales to experience an increase in its average property value over the last 12 month, according to the Land Registry's. The average price rose by 2.1% to £348,686.
The national House Price Index shows an annual price decrease of 2.6% which takes the average property value in England and Wales to £162,347.
The most up-to-date figures available show that during June 2011, the number of completed house sales in England and Wales decreased by 13% to 54,776 from 62,714 in June 2010. The number of properties sold in England and Wales for over £1 million decreased by 28 per cent between June 2010 and June 2011, from 644 to 465.
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 - July 2011
Source: Land Registry
January 24, 2012