|Hammersmith Property Prices Bounce Back|
Average home in W6 worth over half a million
The average price of a home in Hammersmith has recovered well so far this year after slumping in the second half of 2011.
The latest figures from the Land Registry show that the average home in W6 cost £559,512 in the first three months of 2012, a rise of 4.8% compared with the same period last year.
Reversing the trend of the previous quarter, houses appear to be doing better than flats.
Terraced houses in particular are benefiting with an astonishing price hike of 49.5% and breaking through the million pound barrier to reach £1,053,287 - compared with £704,380 last quarter.
Values appear to be rising fastest in two areas, W6 0 and W6 9, both of which saw average prices zoom above the million mark.
Flats and maisonettes did not fare so well, with the overall average dropping by 7.1% to £348,740 from £375,257 last quarter and only one area, W6 9 showing a rise.
Semi-detached houses also seemed to dive from £1,042,100 the previous three months to £895,000, though with just three properties changing hands, it is too small a sample to predict any ongoing trends.
In fact the worrying news for estate agents is that, as in neighbouring Shepherd's Bush, the volume of sales was very low with just 88 properties changing hands, compared with 139 in the previous quarter. However, this quarter includes the year's darkest and coldest months when buyers normally stay home, and agents are no doubt hoping the spring sunshine will tempt them back onto the streets.
Looking at the national picture, the March data from Land Registry's flagship House Price Index shows an annual price decrease of 0.6% which takes the average property value in England and Wales to £160,372. London remains the best performing area in the country with prices rising by 0.7% to £343,522 over the same period.
The most up-to-date figures available show that, during January 2012, the number of completed house sales in England and Wales increased by 13% to 42,511 compared to 37,584 in January 2011.
A detail listing of properties sold recently in the area will be appearing in a forthcoming edition of the Hammersmith newsletter.
Hammersmith Property Prices - October - December 2011
Source: Land Registry
May 23, 2012