|Hammersmith Property Prices Make Spectacular Recovery|
Value of average semi-detached house up by stunning 70%
Property prices in Hammersmith made a spectacular recovery between April and June, following a surprise slump in the previous quarter.
The most astonishing statistic in the latest figures from the Land Registry was a rise of 70% in the average price for a semi-detached house, from just over the million mark at £1,037,333 in the previous quarter to £1,763,750. The actual number of semis changing hands however, remains small, from three in the first quarter to four in the second.
The overall average price also showed a healthy rise of 17.4% to £626,853, just short of the all time high of £631,677 reached in the last quarter of 2010.
This seems to show that the slide of 15.5% in the first three months of 2011 was simply a blip.
The average price of terraced houses, hit hardest by the early spring slump, rose by 9.5% from £818,141 to £895,513. This however is still some way short of the dizzy heights in the pre-Christmas market in 2010, when the average broke through the million pound barrier.
At the lower end of the market, the average price of a flat or maisonette rose by a more modest 6.5% from £332, 293 in the first three months to £353,745 in the second.
There was more good news for local agents in the number of properties changing hands between April and June - up by 11.1% to 100, compared with 90 between January and March.
And the positive news for home buyers is that, despite short term ups and downs, property is still a good long term investment. The overall average price has climbed by 29.3% in the last three years, while those who own semi-detached house can celebrate an average price rise of 67.8% since 2008.
Hammersmith Property Prices - April - June 2011
Source: Land Registry
October 10, 2011