Hammersmith House Prices Slide from All Time High

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Average value in W6 down over 15% on previous quarter

The average property price in Hammersmith slid by a dramatic 15.5% in the first three months of 2011, down from an all time high figure of £631,677 in the previous quarter to £533,938.

These latest figures from the Land Registry seem to show after steady price rises throughout 2010, the local property market has gone into reverse.

The figures show that prices were down at all levels of the property market, with terraced houses hit hardest plunging by 18.8% from £1,007,378 between October and December to £818,141.

Semi-detached houses also slipped, though the average price remained above the million mark at £1, 037,333.

At the lower end of the market, the average price of a flat or maisonette dropped by 8.8%, from £364, 253 to £332, 293. This could be good news for first timers, according to local agent Winkworth, are now back hunting for affordable homes.

Winkworth's latest market report says: " Last year, the first time buyer market took a hit and there was a marked fall in demand during the second half of the year.

"First time buyers have started to come back this year. They're heavily supported by the Bank of Mum and Dad, and a good first time property will always sell."

Across the capital however, the picture is different. London is now the only area in the country where prices have risen compared with the same period last year. The Land Registry's House Price Index shows that the average price in the capital was £336,828 in March 2011 up by 0.8% compared to the same month last year.

For England and Wales the average price is now £160,996 down by 2.3% from March 2010. Prices in the north east have fallen by 9.3% and in Wales they are down by 7.2%.

Sales Price Map for West and South West London

Source: Jones Lang LaSalle/Financial Times

Meanwhile, a new report states that the price per square foot of property in Hammersmith is £622, with an annual rental of £25.97 psf giving a yield of 4.18%.

This puts it in the middle of prices within the borough, with Shepherd's Bush's price per square foot sitting at £539 and Fulhams' reaching £702 - the highest price in West London.

In Hammersmith, says the report, yields have fallen as capital values have moved up more quickly than rents with analysts saying this is due to the area moving to full 'gentrification'.

Area	Sale Price per sq ft	Rental Price per sq ft	Yield
Fulham	702	32.87	4.68
Chiswick	599	30.07	5.02
Acton	440	23.40	4.02
Ealing (W5)	503	20.74	4.10
Ealing (W13)	393	22.42	5.48
Hammersmith	622	25.97	4.18
Shepherd's Bush	539	n/a	n/a
Putney	565	21.70	n/a
Barnes	570	n/a	n/a
Wandsworth	560	31.46	5.62

Source: Jones Lang LaSalle/Financial Times

 

Hammersmith Property Prices - January - March 2011

Area	Semi-Det	Sales	Terraced	Sales	Flat/Mais	Sales	Total Averages	Total Sales
W6 0	1037333	3	842675	12	316082	18	573139	33
W6 7	0	0	1441250	4	329172	11	625726	15
W6 8	0	0	614838	9	347857	14	452328	23
W6 9	0	0	698500	8	342131	11	492181	19
Total	1037333	3	818141	33	332293	54	533938	90
Last quarter	-	-	-18.8%	-15.4%	-8.8%	-12.9%	-15.5%	-13.5%
Last year	-	-	-8.5%	-25.0%	-0.1%	14.9%	-11.6%	-1.1%
Last three years	-	-	-6.3%	22.2%	-15.0%	-12.9%	-0.7%	1.1%

 

Hammersmith Property Prices - October - December 2010

Area	Semi-Det	Sales	Terraced	Sales	Flat/Mais	Sales	Total Averages	Total Sales
W6 0	1274333	3	961015	16	359438	13	745998	32
W6 7	0	0	1567000	5	411531	16	686643	21
W6 8	0	0	650150	10	358692	13	485413	23
W6 9	0	0	1196875	8	333175	20	579946	28
Total	1274333	3	1007378	39	364253	62	631677	104
Last quarter	-	-	16.2%	-20.4%	-4.4%	-19.5%	6.0%	-20.6%
Last year	-	-	18.0%	39.3%	17.9%	12.7%	28.2%	25.3%
Last three years	-	-	20.9%	8.3%	6.6%	-39.2%	29.3%	-26.2%

 

 

Source: Land Registry

 

May 27, 2011