Hammersmith Home Prices Rise Again

Average sale price moves close to all-time high

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Property prices in Hammersmith have moved back up to peak levels according to the latest official figures. Land Registry data for the third quarter of this year shows the average price of a home sold in W6 as being £595,755. Prices by this measure peaked in the first quarter of this year when they rose briefly over £600,000.

Prices are up by 16.1% over the last year. In recent months it appears to be flats rather than houses that are leading the way. Flat sales volumes are up by 30.5% over the same period last year and prices are up by 25.4%

Over the last three years the rise in prices has been a more stately 9.2% and volumes are still well below what they were at that time.

Christian Harper of local agent Oliver Finn said, "We have certainly enjoyed a much better quarter than expected. Buyers numbers have reduced however the quality of buyers is second to none. Stock still remains paramount to the market stability. Instruction levels were expected to fall due to seasonal activity however good proceedable buyers will not wait forever and the market could stall if stock levels do not improve at the start of 2011. What a great and unexpected opportunity for sellers to capitalise whilst the going is good. I feel that European economics will play a larger part in market confidence during the next quarter"

For London as a whole the Land Registry data shows an increase of 8.8% in September over the same month in 2009. The average price of a London residential propery is now £340,344. This is the smallest annual rise since December 2009. Compared to August prices fell by 0.6%

The Nationwide's House Price index is suggesting a lower overall increase in prices than the Land Registry. This is based on offer prices for homes rather than achieved sale prices. Martin Gahbauer, Nationwide's Chief Economist, said, "October saw a continuation of the modest downward trend in house prices that began at the start of the summer. The average price of a typical UK property edged down by a seasonally adjusted 0.7% month-onmonth
in October."

He now thinks that a second round of quantative easing will be supportive for the property market.

Hammersmith Property Prices - July - September 2010

Area Semi-Det Sales Terraced Sales Flat/Mais Sales Total Averages Total Sales
W6 0 1251000 5 893550 20 296839 23 644860 48
W6 7 0 0 1232821 7 452597 22 640927 29
W6 8 0 0 658870 10 324633 15 458328 25
W6 9 0 0 781133 12 451294 17 587779 29
Total 1251000 5 866593 49 380856 77 595755 131
Last quarter - - 1.5% 22.5% 10.1% 14.9% 8.6% 19.1%
Last year - - 7.3% 16.7% 25.4% 30.5% 16.1% 29.7%
Last three years - - 8.1% -19.7% 10.4% -18.9% 9.2% -18.1%

 

Hammersmith Property Prices - April - June 2010

Area Semi-Det Sales Terraced Sales Flat/Mais Sales Total Ave Total Sales
W6 0 1000333 3 843269 13 334772 20 573859 36
W6 7 0 0 1780000 5 336908 19 637552 24
W6 8 0 0 606753 14 296759 13 457497 27
W6 9 0 0 722750 8 415066 15 522087 23
Total 1000333 3 853476 40 345978 67 548369 110
Last quarter - - -4.5% -9.1% 4.0% 42.6% -9.2% 20.9%
Last year 41.9% 0.0% 50.3% 81.8% 12.2% 123.3% 26.4% 100.0%
Last three years - - 18.2% -25.9% 1.3% -40.7% 18.0% -34.1%

 

 

Source: Land Registry

 

November 11, 2010