Hammersmith Property Prices Make Spectacular Recovery

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Value of average semi-detached house up by stunning 70%

Property prices in Hammersmith made a spectacular recovery between April and June, following a surprise slump in the previous quarter.

The most astonishing statistic in the latest figures from the Land Registry was a rise of 70% in the average price for a semi-detached house, from just over the million mark at £1,037,333 in the previous quarter to £1,763,750. The actual number of semis changing hands however, remains small, from three in the first quarter to four in the second.

The overall average price also showed a healthy rise of 17.4% to £626,853, just short of the all time high of £631,677 reached in the last quarter of 2010.

This seems to show that the slide of 15.5% in the first three months of 2011 was simply a blip.

The average price of terraced houses, hit hardest by the early spring slump, rose by 9.5% from £818,141 to £895,513. This however is still some way short of the dizzy heights in the pre-Christmas market in 2010, when the average broke through the million pound barrier.

At the lower end of the market, the average price of a flat or maisonette rose by a more modest 6.5% from £332, 293 in the first three months to £353,745 in the second.

There was more good news for local agents in the number of properties changing hands between April and June - up by 11.1% to 100, compared with 90 between January and March.

And the positive news for home buyers is that, despite short term ups and downs, property is still a good long term investment. The overall average price has climbed by 29.3% in the last three years, while those who own semi-detached house can celebrate an average price rise of 67.8% since 2008.

Hammersmith Property Prices - April - June 2011

Area	Semi-Det	Sales	Terraced	Sales	Flat/Mais	Sales	Total Averages	Total Sales
W6 0	1763750	4	864576	13	331521	21	664643	38
W6 7	0	0	1247833	6	354565	13	636650	19
W6 8	0	0	730713	12	351638	14	526596	26
W6 9	0	0	925055	9	414437	8	684764	17
Total	1763750	4	895513	40	353745	56	626853	100
Last quarter	70.0%	33.3%	9.5%	21.2%	6.5%	3.7%	17.4%	11.1%
Last year	76.3%	33.3%	4.9%	0.0%	2.2%	-16.4%	14.3%	-9.1%
Last three years	67.8%	0.0%	30.7%	90.5%	-1.9%	7.7%	29.3%	29.9%

 

Source: Land Registry

 

October 10, 2011