Fewer Sales in Hammersmith but House and Flat Prices Rise

Figures for last quarter of 2009 hold mixed message

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There was a mixed message for Hammersmith's estate agents in the latest figures from the Land Registry.

While house and flat prices both rose between October and December 2009, overall sales were down. The average price also fell as flat sales grew faster than houses.

The figures show that overall, just 83 properties changed hands compared with 101 in the previous quarter. Just 28 houses were sold, compared with 42 between July and September, while flat sells fell from 59 to 55.

This is not unusual for this quarter, as the property market traditionally slows to a halt over the Christmas period.

There was some good news however, when it came to prices. Average house prices surged from £807,428 to £853, 540 - a rise of 5.7% over the previous quarter and 26.3% over the previous year.

Flats and maisonettes also showed a more modest rise, with the average price climbing from £303,784 to £308,938. This is 1.7% higher than the previous quarter and 26.3% over the year.

The Land Registry statistics also show that in the long term, property remains a good investment. Despite the aftermath of the credit, the overall average property price still rose by 8.9% over the year. And compared with five years ago, prices are up by 31.5%.

Meanwhile London overall experienced an annual house price change of 6.1 per cent in December, according to the Land Registry. This is the third month in a row that prices have increased year on year. Although London’s annual movement has mirrored that of England and Wales for some time, it now appears that London’s growth in general is increasing more rapidly.

The figures for England and Wales as a whole in December show an annual increase of 2.5 per cent. This brings the average house price in England and Wales to £161,783. This is the first positive annual house price change since May 2008.

Right Move's House Price index, which is based on offered prices rather than sales prices, is showing that in January in London prices rose to an average of £407,731. This represents an annual change of 5.5% Right Move say their figures show 'century low' stock levels for estate agents with the average agent having less than 65 properties on their books.

Miles Shipside, commercial director of Rightmove said, "The decision of post New Year sellers to ask for a higher price could be a shrewd move. In spite of problems brewing for later in the year, there are definitely some of the ingredients for a buoyant spring, and a window of opportunity that sellers may wish to take advantage of."

The numbers below are subject to revision as is it usual that some properties are added late to the Land Registry's database.

Hammersmith Property Prices - October - December 2009

Area Terraced Sales Flat/Mais Sales Total Averages Total Sales
W6 0 858024 14 300447 15 569622 29
W6 7 1419137 4 298793 16 522862 20
W6 8 592125 4 297045 11 375733 15
W6 9 640291 6 341284 13 435707 19
Total 853540 28 308938 55 492659 83
Last quarter 5.7% -33.3% 1.7% -6.8% -4.0% -17.8%
Last year 26.3% 12.0% 5.4% 57.1% 8.9% 38.3%
Last five years 37.6% -30.0% 25.2% -40.2% 31.5% -39.4%

 

Hammersmith Property Prices - July - September 2009

Area Terraced Sales Flat/Mais Sales Total Averages Total Sales
W6 0 778000 6 304986 16 433990 22
W6 7 1508333 9 341100 15 778812 24
W6 8 551000 10 287578 19 378413 29
W6 9 597588 17 273666 9 485461 26
Total 807428 42 303784 59 513220 101
Last quarter 42.2% 90.9% -1.5% 96.7% 18.3% 83.6%
Last year 32.2% 82.6% -11.5% 43.9% -1.0% 46.4%
Last five years 35.7% -26.3% 14.1% -48.7% 32.0% -42.6%

 

 

Source: Land Registry

 

March 5, 2010