|Hammersmith Prices Surge Even Higher|
Over a third of homes selling in the area cost over one million
Hammersmith property values have surged even higher in the second half of the year with the average price rising above £900,000.
The local residential market reached a new record high in the second quarter of last year but recent sales suggest that it has moved even higher. According to the Land Registry there have been 57 sales in the W6 post code area since the end of June at an average price of £916,524. Twenty of the sales in this period were for over a million pounds.
The highest priced sale was for a property on Rutland Grove which became the sixth most expensive ever home to change hands in the area at a price of £3,450,000.
It was followed by three houses priced over £2 million - one in Stamford Brook Avenue which fetched £2,850,000, a second in Luxembourg Gardens at £2,575,000 and a third in Bridge View which sold for £2,180,000 .
There are indications, however that this precipitous price rise may becoming to an end. A survey by the Royal Institution of Chartered Surveyors (RICS) on sentiment in the property market suggests that London prices started to fall in September for the first time in three years. This is based on a survey of their members rather than reported sales prices form the Land Registry.
The expectation amongst surveyors for the coming three months in London is that prices will fall further but that they will regain lost ground over the coming year.
A growing sense of caution seems to be indicated by a continued contraction in buyer demand. The RICS survey showed that it contracted in London for the fifth month in a row.
Simon Aldous MRICS, of Savills, said: "We do think there is uncertainty due to the forthcoming General Election and the changes that may arise to Mansion Tax, Annual Tax on Enveloped Dwellings, Capital Gains Tax, Stamp Duty. Changes to mortgage lending/regulation has softened the market in Prime South West London. "
Peter Rollings, CEO of Marsh & Parsons takes a more positive view of the changing market. He says: " This new realism in the housing market is making the buying process a much calmer and considered experience. There is more available property on the market, which has thankfully taken the heat out and has the effect of attracting people back into the mix – it’s a great time to buy and sell property, and this will keep activity on course for the remainder of the year."
The average price in London during the month of July was £457,072 which is up by 19.3% compared with the same month in 2013. For England and Wales as a whole the average is now £175,653 compared with the peak of £181,442 in November 2007 up by 7.2%.
The most up-to-date figures available show that during May 2014 the number of completed house sales in England & Wales increased by 10 per cent to 72,900 compared with 66,325 in May 2013.
The number of properties sold in England and Wales for over £1 million in May 2014 increased by 32 per cent to 1,032 from 779 in May 2013.
A regular market review of the local property scene appears on the site. You can click here for the latest update and analysis.
If your agent is claiming to be marketing your property effectively and it doesn't appear on HammersmithToday.co.uk it may be time to choose a new agent.
Source: Land Registry
October 17, 2014