|Winter Weather Brings Chill to Hammersmith Property Market|
Sales at half previous levels show buyers have stayed at home
The freezing winter weather brought a chill to Hammersmith’s property market, with buyers deciding to stay at home. The latest official figures show a sharp decline in activity, with only 68 properties sold in the W6 postcode area in the first three months of 2013. This is around half the level of turnover seen a decade ago, and also well down on the 90 sold in the last quarter of 2012.
Prices also appeared to be drifting lower between January and March with the average for W6 down by 5.8% to £618,555.
The average price of terraced houses slumped under the million mark, dropping by 7.1% from £1,074,336 to £997,733, though the low number of homes changing hands played its part in this. In Hammersmith’s priciest area, W6 7 - around Brook Green - no houses at all changed in 2013’s first quarter, while in the last quarter of 2012, five houses were sold with an average price of £1,530,000.
There were also better news for residents of W6 9, the area close to the river south of King Street, where the average property price rose from £782, 500 to £949,442 - though this was from sales of only seven homes.
Flats and maisonettes fared better than houses, with the average price showing only a small slip of .8% from £415, 235 to £411,730, but once again the number actually sold dropped from 57 to 44.
Alex Maile of local agents Lawson Rutter says on his blog he noticed that activiity was low for early spring, but adds that things are now back on the up." It seems that the usual hustle and bustle of March has been merely delayed," he says. "Suddenly buyers and sellers alike are coming into the market and creating as busy a market as we have seen for five years.
The March data from Land Registry's House Price Index shows that London remains the best performing property market in England and Wales. The average price of a home in the capital rose by 9.6% over the year to £374,568.
For the country as a whole prices only rose by 0.% which takes the average property value in England and Wales to £161,793. London has seen a rise in repossessions which were up by 28% in January 2013 compared with the same month in 2012.
A detail listing of properties sold recently in the area will be appearing in a forthcoming edition of the Hammersmith newsletter.
Source: Land Registry
May 17, 2013