Going Down
H&F house prices fall faster than anywhere else in London
House prices in Hammersmith and Fulham fell by 2.7% in June – a bigger drop than anywhere else in London, according to Land Registry figures released today (28 July 2008).
The figures show that across the capital, house prices were down 2.5% last month, taking the average cost of a home in London to £345,136.
But Hammersmith and Fulham fared particularly badly, unlike neighbouring boroughs: with a rise of 1.1%, Kensington & Chelsea was the borough with the highest monthly price increase while Ealing saw a fall of just 0.3%.
The average property price in H&F is now £484,022.
Source: Land Registry
Source: Land Registry
Nationwide, house prices fell 1% in June, but there were only three places in the entire country that suffered larger price drops than Hammersmith and Fulham: property prices in Carmarthenshire in South West Wales fell by 2.8%, in Middlesbrough they dropped by 3%, and in Denbighshire, North East Wales, houses were 3.5% cheaper in June than they were in May.
The Land Registry says the data for June marks the 10th consecutive monthly drop in house prices across England and Wales.
While the new figures may be good news for those looking to buy, a report published today by the National Housing Federation paints a completely different picture: the Federation predicts that the average house price in England will rise by 25% over the next fives years.
The report, researched by independent economists, forecasts that house prices will fall in 2009, start to recover in 2010, and then rapidly increase from 2011.
The report also states that while demand is growing, the supply of new housing is falling, with only 75% of the new homes required being built each year.
Federation Chief Executive David Orr said: “Our report shows that despite concerns about the current housing market downturn, house prices will increase substantially over the mid- to long-term.
“Demand for housing is going up, while the supply of new homes is going down. This means that as soon as the economic outlook improves, house prices will resume their previous upward trajectory.”
28 July 2008