Hammersmith House Prices Averaging Over a Million in 2021
Agents predict mini-boom in local market if progress is made on bridge reopening
A terraced house in Melrose Terrace went for £3,475,000
The average price of a home sold in the W6 postcode area has been over £1million according to the latest official figures.
The Land Registry data suggests that the second wave of the Covid-19 virus has had little downward impact on property values in the area although only 23 properties were reported as being sold in the first three months of the year.
It is understood that Covid-19 working restrictions at the Land Registry is leading to sales being recorded more slowly.
The top priced sale during 2021 so far was a six bedroom terraced house in Melrose Terrace which went for £3,475,000 having last changed hands for £590,000 in 1998. Another terraced property in St Peter’s Square went for £2 million.
A Hammersmith based estate agent told us, “Buyers in the area currently don’t know if the bridge will be closed for one year or six years so many are discouraged from making the final step. Nevertheless, well located quality properties do not stay on the market long.
“If you were to combine the relaxing of lockdown with some positive news on the bridge a huge cloud would be removed from the area. Even if the reopening was not in the next year or so, just having a set date and a sense of progression would bring about a mini-boom for the local market.”
| Hammersmith Property Prices - (January - March 2021) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Area | Semi- Det |
Sales | Terraced | Sales | Flats/ Mais |
Sales | Overall Ave | Total Sales |
| W6 0 | 0 | 0 | 1362500 | 2 | 601125 | 4 | 854917 | 6 |
| W6 7 | 0 | 0 | 2450000 | 2 | 397500 | 2 | 1423750 | 4 |
| W6 8 | 0 | 0 | 1026250 | 4 | 458875 | 4 | 742563 | 8 |
| W6 9 | 0 | 0 | 1578333 | 3 | 756000 | 2 | 1249400 | 5 |
| Total | 0 | 0 | 1496818 | 11 | 545583 | 12 | 1000522 | 23 |
| Last quarter | - | - | 6.9% | -63.3% | -11.7% | -80.6% | 12.8% | -75.5% |
| Last year | - | - | 7.2% | -57.7% | -24.6% | -78.6% | 6.8% | -72.0% |
| Last three years | - | - | 21.8% | -57.7% | -22.0% | -88.7% | 16.9% | -83.2% |
| Last five years | - | - | 8.3% | -68.6% | -5.5% | -86.8% | 19.7% | -82.3% |
| Last ten years | - | - | 83.0% | -8.3% | 72.6% | -33.3% | 74.6% | -30.3% |
Nationally the property market seems to have experienced a bounce in April after the announcement of the stamp duty holiday extension reaching a new record high average price of £238,831.
Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said, “Annual house price growth accelerated to 7.1% in April, only slightly below the peak of 7.3% recorded in December and up from 5.7% in March. In month-on-month terms, house prices rose by 2.1% in April, after taking account of seasonal effects, the biggest month rise since February 2004.
“Just as expectations of the end of the stamp duty holiday led to a slowdown in house price growth in March, so the extension of the stamp duty holiday in the Budget prompted
a reacceleration in April.
“However, our research suggests that while the stamp duty holiday is impacting the timing of housing transactions, for most people it is not the key motivating factor prompting them to move in the first place. For example, amongst homeowners surveyed at the end of April
that were either moving home or considering a move, three quarters said this would have been the case even if the stamp duty holiday had not been extended."
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May 7, 2021