Hammersmith Property Prices Make Spectacular Recovery

Value of average semi-detached house up by stunning 70%

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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

Area Semi-Det Sales Terraced Sales Flat/Mais Sales Total Averages Total Sales
W6 0 1763750 4 864576 13 331521 21 664643 38
W6 7 0 0 1247833 6 354565 13 636650 19
W6 8 0 0 730713 12 351638 14 526596 26
W6 9 0 0 925055 9 414437 8 684764 17
Total 1763750 4 895513 40 353745 56 626853 100
Last quarter 70.0% 33.3% 9.5% 21.2% 6.5% 3.7% 17.4% 11.1%
Last year 76.3% 33.3% 4.9% 0.0% 2.2% -16.4% 14.3% -9.1%
Last three years 67.8% 0.0% 30.7% 90.5% -1.9% 7.7% 29.3% 29.9%

 

Source: Land Registry

 

October 10, 2011