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Turnover declines sharply as local house market starts the year quietly

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Transaction levels in the Hammersmith property market have fallen so far this year. This appears mainly to be down to a lack of sales in the new riverside developments particular around Queen's Wharf and Fulham Reach.

The average property price in W6 during the first three months of 2016 was £901,862 - down by 10.8% compared to the same period in 2015, when the average soared above the million mark to £1,011,362.

The reduction in sales is mainly concentrated in one postcode zone, W6 9, the area around the riverside which houses upmarket developments

At the start of 2015, sales at these developments were booming, with 35 apartments changing hands in the area for an average price of £1,409,660.

By contrast, at the start of this year, this flood appears to have dried up with just four flats sold in this area and the average price slumping to £903,750.

Across the whole of London Prices rose by 13.5% over the twelve months to February bringing the average price up to £530,368. For England and Wales prices grew by 6.1% to £190,275.

Prices in the London Borough of Hounslow rose by 13.6% during the year to reach £409,062. Prices in the London Borough of Ealing rose by 6.7% during the year to reach £494,437.

Repossessions in England and Wales halved in December 2015 compared with the same month in 2014 and in London they fell by two-thirds.

The latest survey by the Royal Institution of Chartered Surveyors (RICS) has revealed that growth in the private and public housing sectors in London slowed down considerably. Private housing workloads rose at their slowest pace since Q4 2012, with only 20% more of those working in the sector reporting a rise in activity rather than a fall over the first quarter of 2016. During the last quarter of 2015 that figure was 44 per cent.

This easing in the private housing sector has not been offset by any increase in the construction of public housing, with growth in this sector remaining broadly unchanged from the previous quarter, and just 11% more surveyors reporting a rise rather than a fall in activity.

RICS Chief Economist, Simon Rubinsohn said, “On the surface, it might seem surprising that we are witnessing a slowdown in the construction sector just a few months after hearing the Chancellor’s ‘We Are The Builders’ speech, given the Government’s significant commitment to this sector. One might well ask why growth in private housing workloads is softening at a time when policy is firmly focussed on the creation of new starter homes. We have long held the view that starter homes cannot be the only solution. There is an issue around the availability of land on which new houses can be built, and we would like to see more being done to free up private brownfield sites.

“Our survey tells us that planning delays are one of the biggest barriers to growth in the construction sector. We have recommended that councils work together to create a team of emergency planners who can parachute into boroughs that are experiencing significant delays, therefore reducing a major growth barrier.

“That said, we cannot discount the climate of uncertainty caused by the forthcoming EU referendum. We know that a range of sectors have been affected by these issues as investors look to delay any decisions until a final outcome has been determined, and construction is no exception.”

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.

Hammersmith Property Prices (January - March 2016)
Date
Address
Post Code
Price (£)
18/03/2016 Ground Floor Flat 29, Brackenbury Road W6 0BE
480,000
18/03/2016 Flat 123 Stamford Court, Goldhawk Road W6 0XE
528,500
18/03/2016 42, Stamford Brook Road W6 0XL
2,115,000
18/03/2016 46, Richford Street W6 7HP
1,425,000
17/03/2016 67, Aspenlea Road W6 8LH
475,000
15/03/2016 14, Everington Street W6 8DU
1,050,000
10/03/2016 Flat 3 398, Goldhawk Road W6 0SB
500,000
09/03/2016 58, Musard Road W6 8NW
1,050,000
07/03/2016 58, Stamford Brook Road W6 0XL
2,127,500
03/03/2016 39 Ashlar Court, 21, Ravenscourt Gardens W6 0TU
1,160,000
03/03/2016 86 The Grampians, Shepherds Bush Road W6 7LZ
530,000
03/03/2016 44, Kinnoul Road W6 8NQ
1,175,000
02/03/2016 Flat 2 398, Goldhawk Road W6 0SB
592,500
01/03/2016 Flat 111 Stamford Court, Goldhawk Road W6 0XE
420,000
01/03/2016 108 Distillery Wharf, Parrs Way W6 9GD
1,450,000
01/03/2016 9, Chancellors Street W6 9RN
1,225,000
29/02/2016 Flat 96 Kings Court, Hamlet Gardens W6 0RW
303,000
29/02/2016 10, Adeney Close W6 8ES
725,000
26/02/2016 39, Iffley Road W6 0PB
530,000
26/02/2016 Flat 9 Stamford Court, Goldhawk Road W6 0XB
498,000
26/02/2016 30, Melrose Gardens W6 7RW
2,150,000
26/02/2016 Flat 41A Digby Mansions, Hammersmith Bridge Road W6 9DF
465,000
25/02/2016 192A, Dalling Road W6 0EU
705,000
24/02/2016 Flat 3 Royston House, Sulgrave Road W6 7QR
285,000
24/02/2016 38, Abbey Gardens W6 8QR
395,000
24/02/2016 107, Colwith Road W6 9EZ
920,000
23/02/2016 68, Hamlet Gardens W6 0SU
655,000
19/02/2016 24, Agate Road W6 0AH
2,535,000
19/02/2016 44, Batoum Gardens W6 7QD
2,345,000
19/02/2016 53, Beryl Road W6 8JS
1,000,000
15/02/2016 53 Ashlar Court, 21, Ravenscourt Gardens W6 0TU
445,000
12/02/2016 Flat 1 32, Cromwell Grove W6 7RG
675,000
11/02/2016 31, Aldensley Road W6 0DH
1,150,000
08/02/2016 Flat 4 Stamford Brook Mansions, Goldhawk Road W6 0XA
625,000
08/02/2016 Flat 3 8, Hammersmith Broadway W6 7AL
445,000
05/02/2016 105, Flora Gardens W6 0HR
560,000
05/02/2016 Flat 87 Kings Court, Hamlet Gardens W6 0RW
207,500
05/02/2016 Flat 97 Kings Court, Hamlet Gardens W6 0RW
320,000
05/02/2016 Flat 26 Mary Macarthur House, Field Road W6 8HZ
450,000
03/02/2016 7, Ravenscourt Avenue W6 0SL
1,200,000
02/02/2016 3E, Southerton Road W6 0PJ
420,350
02/02/2016 Third Floor Flat 22, Greyhound Road W6 8NX
380,000
01/02/2016 47, Margravine Road W6 8LL
1,125,000
01/02/2016 33, Colwith Road W6 9EY
660,000
29/01/2016 Upper Maisonette 176, Dalling Road W6 0EU
690,000
29/01/2016 11, Cressy Court W6 0UY
440,000
29/01/2016 Flat 350 Latymer Court, Hammersmith Road W6 7LH
760,000
29/01/2016 131, Claxton Grove W6 8HB
1,000,000
29/01/2016 41, Yeldham Road W6 8JF
460,000
29/01/2016 Flat 4 175 - 177, Fulham Palace Road W6 8QT
440,000
29/01/2016 Flat 2 Clarke Court, Great West Road W6 9AP
102,196
29/01/2016 Flat 5 Clarke Court, Great West Road W6 9AP
91,266
29/01/2016 Flat 8 Clarke Court, Great West Road W6 9AP
76,190
29/01/2016 Flat 9 Clarke Court, Great West Road W6 9AP
91,266
29/01/2016 216B, Fulham Palace Road W6 9NT
585,000
28/01/2016 4, Petley Road W6 9ST
1,340,000
26/01/2016 59A, Greyhound Road W6 8NH
1,151,000
22/01/2016 61, Carthew Road W6 0DU
1,175,000
22/01/2016 38B, Westcroft Square W6 0TA
545,000
22/01/2016 24, Ranelagh Gardens W6 0YE
855,000
22/01/2016 Flat 4 8, Hammersmith Broadway W6 7AL
495,000
22/01/2016 63, Rowan Road W6 7DT
2,550,000
22/01/2016 Flat 87 Latymer Court, Hammersmith Road W6 7JE
442,000
22/01/2016 9A, Margravine Road W6 8LS
750,000
21/01/2016 Flat 6 175 - 177, Fulham Palace Road W6 8QT
500,000
20/01/2016 Flat 2 Burnham House, Sulgrave Road W6 7QW
475,000
18/01/2016 First Floor Flat 184, Hammersmith Grove W6 7HF
587,500
18/01/2016 Flat 154 Latymer Court, Hammersmith Road W6 7JG
435,000
13/01/2016 37, Bradmore Park Road W6 0DT
1,050,000
13/01/2016 42, Moylan Road W6 8QB
1,011,700
12/01/2016 43, Mall Road W6 9DG
1,800,000
08/01/2016 Flat 250 Latymer Court, Hammersmith Road W6 7LB
960,000
07/01/2016 9, Redmore Road W6 0HZ
971,350
07/01/2016 9, Cambridge Grove W6 0LA
1,225,000
06/01/2016 Ground Floor 164 - 166, King Street W6 0QU
14,000
06/01/2016 25B, Westcroft Square W6 0TD
560,000
06/01/2016 Garden Flat 11, Averill Street W6 8ED
700,000
06/01/2016 20, Adeney Close W6 8ES
458,000
05/01/2016 24, Carthew Road W6 0DX
1,250,000
05/01/2016 144A, Hammersmith Grove W6 7HE
400,000

 

Source: Land Registry

Previous Sales in Hammersmith

May 27, 2016