Hammersmith Property Prices Slip from Summer High

Average price drops back down under £600,000

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Property prices in Hammersmith slipped by 5.3% between July and September, dropping below £600,000.

However, this was a relatively modest drop from a spectacular summer when prices came close to an all time high, with the average rising 17.4% over the previous quarter to reach £626,853 - just short of the record high recorded in the last quarter of 2010 of £631, 677.

The latest figures from the Land Registry show that in the third quarter, this fell to £593,901. The fall was most noticeable at the top end of the market, where the value of semi-detached houses slumped by 21.4% to £1,385,428. This was among seven house sales, all within the W6 0 postcode area, which stretches from the riverside homes in the Upper Mall and the area around Ravenscourt Park.

However, this was again in the context of an astonishing rise between April and June of 70% in the sale price, from just over the million mark at £1,037,333 in the first quarter to £1,763,750 in the second.

Over the year, the average price of semi-detached homes is up by 10.7%.

Price falls in other parts of the market were more modest, with terraced houses showing a drop of 3.4% from £895,513 to £865,111 and flats and maisonettes slipping by 2.2% from £353,745 to £346,139.

Local estate agents will now be waiting to see if this trend, which is occurring across our borough with the average price sliding by 2.4% in Fulham, and 8.1% in Shepherd's Bush, continues in the final quarter of the year. For agents, the latest statistics held some good news - the number of properties changing hands in the area showed a rise of 32% from 100 between April and June to 132 between July and September.

The September data from Land Registry's House Price Index shows an annual price decrease of 2.6% which takes the average property value in England and Wales to £162,109. The only region to experience an increase in value over the last 12 months is London with a rise of 2.7%.

The most up-to-date figures available show that during July 2011, the number of completed house sales in England and Wales decreased by 11 per cent to 59,919 from 67,475 in July 2010. The number of properties sold in England and Wales for over £1 million in July 2011 decreased by 24 per cent to 707 from 932 in July 2010.

According to the Nationwide's House Price Index which looks at offered prices rather that transacted sales UK house prices increased by 0.4% in October, lifting annual house price growth into positive territory for the first time in six months. The price of a typical home at £165,650 was 0.8% higher than October 2010.

Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said, “Given the challenging economic backdrop, October’s data is encouraging, but it doesn’t fundamentally change the picture of a housing market that is treading water. Property transaction levels remain subdued, and prices essentially flat compared to last year. The outlook remains uncertain, but with the UK economic recovery expected to remain sluggish, house price growth is likely to remain soft in the period ahead, with prices moving sideways or drifting modestly lower over the next twelve months.”

Hammersmith Property Prices - July - September 2011

Area Semi-Det Sales Terraced Sales Flat/Mais Sales Total Averages Total Sales
W6 0 1385428 7 943388 18 326179 29 669225 54
W6 7 0 0 1143995 10 356000 20 618665 30
W6 8 0 0 618136 11 346626 19 446180 30
W6 9 0 0 717000 10 392681 8 572858 18
Total 1385428 7 865111 49 346139 76 593901 132
Last quarter -21.4% 75.0% -3.4% 22.5% -2.2% 35.7% -5.3% 32.0%
Last year 10.7% 40.0% -0.2% 0.0% -9.1% -1.3% -0.3% 0.8%
Last three years -9.4% 40.0% 41.6% 113.0% 0.8% 85.4% 14.5% 91.3%

 

 

Source: Land Registry

 

November 25, 2011