New Build Developments in Hammersmith See Brisk Sales

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Schemes such as Vinery Way and Faulkner House finding buyers

The Hammersmith property market has seen a resurgence during the spring months with sales of new build developments increasing.

Schemes such as Vinery Way near the Uxbridge Road and Faulkner House on Fulham Reach attracted buying interest.

This resulted in turnover levels rising by over 50% compared with the same period last year.

The average price for a home in the W6 post code area in the second quarter of 2017 was over a million pounds according to Land Registry, the first time that level has been reached. The rise to record levels is almost entirely due to more expensive new build flats being sold - house prices in the area have fallen over the same period.

Paul Cooney, Director at Horton and Garton Estate Agents, says that they have agreed 23 sales across their two offices in Chiswick and Hammersmith during the second quarter. He puts this down to pricing properties accurately.

Paul says, "Independent research recently conducted by Which? and Rightmove demonstrates the properties listed at the right price from day one statistically achieve a better sale price than those initially priced too high. Simply put, it's a fact that if you price 5% too high, your property won't achieve it's true value. Our office in Hammersmith is number one for sales and lettings in W6 and our office in Chiswick is already one of the top performing in W4 for sales agreed after only four months of business. This is because our clients trust us to know that accurate pricing generates the most interest and ultimately achieves the highest offers from the best buyers. In Q2, I found that Chiswick residents were ready to move and actively searching for their next home. While August is historically quiet with many buyers and vendors taking a break for some much-needed Vitamin D, in the first fortnight of September the market, and competition for the best properties, heats up. At Horton and Garton, we're bracing ourselves for a busy Autumn."

Simon Rubinsohn, RICS Chief Economist sees the lettings market as being stronger than the sales side. He said, "It is noticeable that the amount of new rental instructions coming through to agents is continuing to edge lower, which is not altogether surprising given the changing landscape for buy-to-let investors. One consequence of this is that rents are expected to continue rising not just in the near term but also further out and at a faster pace than house prices."

During June 2017 London was the second worst performing region of the country after the North East according to the Land Registry with prices rising by 2.9% over the year to average £482,000.

Prices in England as a whole increased by 5.2% over the year to June 2017, with the average price now £240,000.

The number of completed house sales in London in January, the latest month for which figures are available, fell by 26.3% to 5,968 compared with 8,093 in January 2016.

Hammersmith Property Prices (April - June 2017)
Area	Semi- detached	Sales	Terrace	Sales	Flat/ mais	Sales	Overall Ave	Overall Sales
W6 0	1855902	3	1357763	19	453086	22	939388	44
W6 7	0	0	1648600	5	689654	15	929391	20
W6 8	0	0	1000407	9	488333	3	872389	12
W6 9	0	0	1299167	6	1108836	76	1122762	82
Total	1855902	3	1303568	39	914217	116	1028203	158
Last quarter	-	-	-8.3%	2.6%	45.7%	31.8%	16.5%	22.5%
Last year	-	-	-10.5%	85.7%	44.6%	46.8%	25.4%	54.9%
Last three years	-	-	0.5%	2.6%	63.8%	17.2%	29.2%	10.5%
Last five years	-	-	30.1%	-2.5%	148.2%	107.1%	62.6%	64.6%
Last ten years	-	-	80.5%	-27.8%	167.7%	2.7%	121.3%	-5.4%

Source: Land Registry

August 14 , 2017