|Hammersmith Property Prices Scale New Heights|
Average price in W6 now over three quarters of a million
The average property price in the W6 post code area soared above the three quarters of a million mark to reach £756,844 in the fourth quarter of 2013 - a rise of 15.2% compared to the same period last year.
It was also up 9.2% over the previous quarter, when the average price was £693,062.
This leap in the overall average was mainly fuelled by house prices. Semi-detached houses were up by a huge 31.9% on the previous quarter, when the average was £1,600,000, breaking through the two million barrier to reach £2,110,000.
Terraced houses were not far behind, showing a rise of 27.6% over the previous three months, from £1,073,697 to £1,369,797.
The figures also show that in the longer term, terraced houses in Hammersmith have more than doubled over five years, rising by 102.7%, while over ten years, they have jumped by 171.8%.
The statistics for semi-detached houses are even more striking, with prices having risen by an astonishing 261.3% over ten years.
Flats however, slipped to an average £424,364 - a drop of 5.8% from the previous £450,266.
The very top of the market in W6 continues to thrive, with a house on Hammersmith Grove sold for £3,900,000 to become area's third most expensive while one on St. Peter's Square cost its new owners £3,715,000, the fourth highest price ever in W6.
The volume of sales also remains strong at 135 - up by 50% compared with the same period in the previous year.
Looking at London as a whole, December data from Land Registry's House Price Index shows that our city remains the best performing property market in England and Wales. The average price of a home in the capital rose by 11.2% over the year to £403,972.
For the country as a whole prices rose by 4.4% which takes the average property value in England and Wales to £167,353. Repossession volumes decreased by 28% in July 2013 to 1,187 compared with 1,645 in July 2012.
The most up-to-date figures available show that during October 2013 the number of completed house sales in England and Wales increased by 21% to 71,929 compared with 59,213 in October 2012. The number of properties sold in England and Wales for over £1 million in October 2013 increased by 40% to 913 from 651 in October 2012.
Looking ahead, the more positive outlook continues with a net balance of 40% more chartered surveyors predicting transaction numbers to increase in London over the coming three months, while expectations for future prices are also strongly positive.
Jon Pishiri, RICS London residential spokesperson said, “The lack of supply in London continues to push the price upwards in the region, reinforcing the need to increase our housing supply. The distinct nature of London’s property market indicates that a unique approach for the capital should be adopted.”
A detailed listing of properties sold recently in the area will be appearing in a forthcoming edition of the Hammersmith newsletter.
Source: Land Registry
February 21, 2014