Hammersmith and Fulham house prices crashed 5.6% in November

House prices crashed by 5.6% in Hammersmith and Fulham in November, new figures show.
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

House prices crashed by 5.6% in Hammersmith and Fulham in November, new figures show.

The large drop contributes to the longer-term trend, which has seen property prices in the area suffer a 3.3% annual decline.

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The average Hammersmith and Fulham house price in November was £737,402, Land Registry figures show – a 5.6% decrease on October.

Over the month, the picture was different to that across London, where prices increased 0.1%, and Hammersmith and Fulham was lower than the 0.3% drop for the UK as a whole.

Over the last year, the average sale price of property in Hammersmith and Fulham fell by £25,000 – putting the area 31st among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in City of London, where property prices increased on average by 18.5%, to £936,000. At the other end of the scale, properties in Kensington and Chelsea lost 6.3% of their value, giving an average price of £1,350,000.

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The average UK house price edged down to £295,000 in November 2022, from the previous month's record high of £296,000.

Property prices increased by 10.3% in the year to November, slowing from 12.4% in October.

Nathan Emerson, CEO of Propertymark, which represents estate agents, said: "In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers which was a trend we hadn’t seen in months."

And Roger Evans, director of home finance distribution at Gatehouse Bank, said: “The property market is slowly becoming more favourable for buyers in some areas as rates stabilise a little following the turbulence of 2022.”

First steps on the property ladder

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First-time buyers in Hammersmith and Fulham spent an average of £640,000 on their property – £24,000 less than a year ago, and £14,000 less than in November 2017.

By comparison, former owner-occupiers paid £818,000 on average in November – 27.7% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices Hammersmith and Fulham in November – they dropped 5.6% in price, to £623,782 on average. Over the last year, prices dropped by 4.1%.

Among other types of property:

Detached: down 5.3% monthly; down 2.6% annually; £1,378,494 averageSemi-detached: down 5.6% monthly; down 2.8% annually; £1,287,445 averageTerraced: down 5.5% monthly; down 1.7% annually; £1,085,916 average

How do property prices in Hammersmith and Fulham compare?

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Buyers paid 36% more than the average price in London (£542,000) in November for a property in Hammersmith and Fulham. Across London, property prices are high compared to those across the UK, where the average cost £295,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 1.8 times as much as more than in Hammersmith and Fulham. Kensington and Chelsea properties cost 3.8 times as much as homes in Barking and Dagenham (£360,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in November

Hammersmith and Fulham: £737,402London:£542,311UK: £294,910

Annual change to November

Hammersmith and Fulham: -3.3%London: +6.3%UK: +10.3%

Highest and lowest annual growth in London

City of London: +18.5%Kensington and Chelsea: -6.3%