Property Prices Remain Steady

Average W6 home still worth just less than £500,000

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Property prices in Hammersmith continue to remain reasonably stable despite the economic background.

In the second quarter of 2008, they rose by 4.4% compared with the same period last year to an average of £484,950 although they were down by nearly 10% compared to the previous quarter.

Over the last five years Hammersmith property prices are up by 34.8%

Terraced houses seem particularly hard hit, down by over 20% in the quarter but the limited number of sales makes a firm conclusion on this sector of the market difficult to make.

Times are likely to remain tough as volumes in the market remain dire. The number of properties changing hands is less than half that seen this time last year.

The average house price in England and Wales stood at £180,781 in June, which is a decrease from last month. House prices in these two countries have fallen for ten consecutive months.

The average property price in London is currently £345,136, which is up 2.5% over the last year although the level has been falling for the last 5 months.

The numbers are subject to revision as usually some properties are added late to the Land Registry's database.

Hammersmith Property Prices - April - June 2008

Area Semi-Det Sales Terraced Sales Flat/Mais Sales Total Ave Total Sales
W6 0 1051250 4 788462 10 364156 16 597204 30
W6 7 0 0 0 0 299681 16 299681 16
W6 8 0 0 658600 5 333437 8 458500 13
W6 9 0 0 534270 6 455333 12 481645 18
Total 1051250 4 684916 21 360632 52 484950 77
Last quarter - - -21.6% -22.2% -7.8% -16.1% -9.8% -13.5%
Last year - - -5.2% -61.1% 5.6% -54.0% 4.4% -53.9%
Last five years 43.7% -20.0% 41.4% -52.3% 35.1% -34.2% 34.8% -39.8%

 

Source: Land Registry

 

March 3, 2009