Hammersmith Home Prices Rise Again

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Average sale price moves close to all-time high

Property prices in Hammersmith have moved back up to peak levels according to the latest official figures. Land Registry data for the third quarter of this year shows the average price of a home sold in W6 as being £595,755. Prices by this measure peaked in the first quarter of this year when they rose briefly over £600,000.

Prices are up by 16.1% over the last year. In recent months it appears to be flats rather than houses that are leading the way. Flat sales volumes are up by 30.5% over the same period last year and prices are up by 25.4%

Over the last three years the rise in prices has been a more stately 9.2% and volumes are still well below what they were at that time.

Christian Harper of local agent Oliver Finn said, "We have certainly enjoyed a much better quarter than expected. Buyers numbers have reduced however the quality of buyers is second to none. Stock still remains paramount to the market stability. Instruction levels were expected to fall due to seasonal activity however good proceedable buyers will not wait forever and the market could stall if stock levels do not improve at the start of 2011. What a great and unexpected opportunity for sellers to capitalise whilst the going is good. I feel that European economics will play a larger part in market confidence during the next quarter"

For London as a whole the Land Registry data shows an increase of 8.8% in September over the same month in 2009. The average price of a London residential propery is now £340,344. This is the smallest annual rise since December 2009. Compared to August prices fell by 0.6%

The Nationwide's House Price index is suggesting a lower overall increase in prices than the Land Registry. This is based on offer prices for homes rather than achieved sale prices. Martin Gahbauer, Nationwide's Chief Economist, said, "October saw a continuation of the modest downward trend in house prices that began at the start of the summer. The average price of a typical UK property edged down by a seasonally adjusted 0.7% month-onmonth
in October."

He now thinks that a second round of quantative easing will be supportive for the property market.

Hammersmith Property Prices - July - September 2010

Area	Semi-Det	Sales	Terraced	Sales	Flat/Mais	Sales	Total Averages	Total Sales
W6 0	1251000	5	893550	20	296839	23	644860	48
W6 7	0	0	1232821	7	452597	22	640927	29
W6 8	0	0	658870	10	324633	15	458328	25
W6 9	0	0	781133	12	451294	17	587779	29
Total	1251000	5	866593	49	380856	77	595755	131
Last quarter	-	-	1.5%	22.5%	10.1%	14.9%	8.6%	19.1%
Last year	-	-	7.3%	16.7%	25.4%	30.5%	16.1%	29.7%
Last three years	-	-	8.1%	-19.7%	10.4%	-18.9%	9.2%	-18.1%

 

Hammersmith Property Prices - April - June 2010

Area	Semi-Det	Sales	Terraced	Sales	Flat/Mais	Sales	Total Ave	Total Sales
W6 0	1000333	3	843269	13	334772	20	573859	36
W6 7	0	0	1780000	5	336908	19	637552	24
W6 8	0	0	606753	14	296759	13	457497	27
W6 9	0	0	722750	8	415066	15	522087	23
Total	1000333	3	853476	40	345978	67	548369	110
Last quarter	-	-	-4.5%	-9.1%	4.0%	42.6%	-9.2%	20.9%
Last year	41.9%	0.0%	50.3%	81.8%	12.2%	123.3%	26.4%	100.0%
Last three years	-	-	18.2%	-25.9%	1.3%	-40.7%	18.0%	-34.1%

 

 

Source: Land Registry

 

November 11, 2010