|Hammersmith Home Prices Rise Again|
Average sale price moves close to all-time high
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
He now thinks that a second round of quantative easing will be supportive for the property market.
Hammersmith Property Prices - July - September 2010
Hammersmith Property Prices - April - June 2010
Source: Land Registry
November 11, 2010