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House prices still booming in HF

Another report confirms: 3.9% increase in the last quarter according to Land Registry.

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Hometrack survey published last week (see: House prices in HF up 1.7%) showed that Hammersmith and Fulham is recording the highest house prices increase in London. Land Registry quarterly report confirms the trend.

According to Land Registry numbers, house prices in HF increased by 3.9% in the last quarter and 8.4% over a year. The average property in HF now costs £348,749. For the country as a whole average prices increased by 12.2% to £166,404 in 2003 whereas for Greater London the average property price was up by 9.4% over the year to £262,685.

Terraced and flat and maisonettes are driving prices up. The average prices for flat and maisonettes increased by 13.9% in the last quarter and 6.7% in a year. Terraced houses prices are 8.8% higher this quarter with an increase of 23.6% over a year. But the value of semi-detached house is falling: -20.1% in the last quarter.

According to the Hometrack survey, the market in HF is being driven by a lack of supply and good demand that has appeared since the beginning of the year. Land Registry shows fall of -18.4% in sales in the last quarter, but over the year there was a slight increase of 0.8%, driven by the demand for flat and maisonettes.

 
Jan-Mar 2004   Detached   Semi-Detached   Terraced   Flat/Maisonette   Overall
Region/Area
Av Price £ Sales Av Price £ Sales Av Price £ Sales Av Price £ Sales Av Price £ Sales
W6 0
0 0 466650 3 577463 15 245739 36 350157 54
W6 7
0 0 0 0 783182 8 272597 20 418478 28
W6 8
0 0 0 0 430931 8 245105 18 302282 26
W6 9
0 0 0 0 371500 6 284966 15 309690 21
Overall		 - - 466650 3 556861 37 258258 89 348749 129
Change in Quarter - - -20.1% -66.7% 8.8% -24.5% 13.9% -11.0% 3.9% -18.4%
Change in year - - - - 23.6% -24.5% 6.7% 12.7% 8.4% 0.8%

Source: Land Registry