|Local Property Prices at New High|
Average sale price in W6 rises above £600,000
The latest data on local property prices is suggesting that property in the Hammersmith area is the most expensive it has ever been.
The numbers released by the Land Registry for the first quarter of this year show that the average sale price in the W6 area is £604,067. This exceeds the previous high for a three month period which was seen in the third quarter of 2007.
The average price was up by 17.6% from last year with volumes increasing by a whopping 167.6% which will be a relief to many of the beleaguered local estate agents some of whom reportedly went months without registering a single sale.
Over the last 5 years property prices in Hammersmith are up by 74.7% making it one of the strongest performing areas in the country.
London has been the best performing region of the country over the last twelve months to the end of March with the average price in the capital rising by 13% to £336,409. The rest of the country has seen rises of 7.5% bringing the national average to £164,288 although prices did fall slightly during March.
Right Move's House Price index, which is based on offered prices rather than sales prices, is showing that in April sellers ignored pre-election concerns and put prices up by 2.6% in the month. In London the average asking price is now £421,822.
Miles Shipside, commercial director of Rightmove said, “Rarer property types in desirable locations are achieving record prices. For ‘location, location, location’ you can also read ‘cash, cash, cash’. Conversely, in areas where buyers have less access to cash or mortgage finance, or there is an over-supply of a certain property type, then sellers are having to price much more aggressively to secure a sale. There is increasing divergence between these different markets, with agents reporting some pockets where a couple of viewings find a cash-rich buyer, whereas a few miles down the road it’s taking over 20 viewings to achieve a sale”.
Although political uncertainty appears to have had little impact on property in the UK thus far he expects the market to go into 'suspended animation' until a clearer picture emerges on the stability of the new Government.
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 - January - March 2010
Source: Land Registry
June 11, 2010