Hammersmith House Prices Fall Sharply

Average drops back down under half a million

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The average price of a home in Hammersmith has fallen below £500,000 having been over £600,000 in the Summer of last year.

The latest figures from the Land Registry show that the average home in W6 cost £493,956 in the last three months of 2011.

A two-tier market appears to be developing with houses seeing declining prices and volumes but flats performing better. The price of flats actually rose over the last quarter and last year and the volume of sales is actually up by over 50%

The December data from Land Registry's flagship House Price Index shows an annual price decrease of 1.3% which takes the average property value in England and Wales to £160,384.

The only region in England and Wales to experience an increase in its average property value over the last 12 months is London with a movement of 2.8% to £345,298. The North East experienced the greatest annual price fall with a decrease of 7.1% and the most significant monthly price fall with a decrease of 1.9%.

The most up-to-date figures available show that, during October 2011, the number of completed house sales in England and Wales decreased by 6% to 55,309 compared to 58,634 in October 2010. The number of properties sold in England and Wales for over £1 million in October 2011 decreased by 10% to 525 from 582 in October 2010.

Hammersmith Property Prices - October - December 2011

Area Semi-Det Sales Terraced Sales Flat/Mais Sales Total Ave. Total Sales
W6 0 1042100 5 811800 15 383196 56 511138 76
W6 7 0 0 676000 5 371541 12 461088 17
W6 8 0 0 639519 14 344824 19 469846 33
W6 9 0 0 610825 6 400714 7 497688 13
Total 1042100 5 704380 40 375257 94 493956 139
Last quarter -24.8% -28.6% -18.6% -18.4% 8.4% 23.7% -16.8% 5.3%
Last year -18.2% 66.7% -30.1% 2.6% 3.0% 51.6% -21.8% 33.7%
Last three years - - 4.3% 60.0% 28.0% 168.6% 9.2% 131.7%

 

Source: Land Registry

 

November 25, 2011