Hammersmith and Fulham house prices dropped in April

House prices dropped by 3.2% in Hammersmith and Fulham in April, new figures show.
File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.
File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.

House prices dropped by 3.2% in Hammersmith and Fulham in April, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 2.5% annual decline – the worst in the UK.

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An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

The need for larger deposits and constraints on accessing mortgages have pushed homeownership further out of reach for many first-time buyers – despite Government figures showing 50% of renters would be able to afford the monthly payments.

In a recent major speech in Blackpool, Prime Minister Boris Johnson announced a “comprehensive review” of the mortgage market would take place in a bid to help more people onto the property ladder.

The average Hammersmith and Fulham house price in April was £721,185, Land Registry figures show – a 3.2% decrease on March.

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Over the month, the picture was different to that across London, where prices increased 1%, and Hammersmith and Fulham was lower than the 1.1% rise for the UK as a whole.

Over the last year, the average sale price of property in Hammersmith and Fulham fell by £19,000 – putting the area bottom of the UK’s local authorities for annual growth.

The highest annual growth in the region was in Kensington and Chelsea, where property prices increased on average by 26.7%, to £1,514,000.

First steps on the property ladder

First-time buyers in Hammersmith and Fulham spent an average of £629,000 on their property – £19,000 less than a year ago, and £54,000 less than in April 2017.

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By comparison, former owner-occupiers paid £794,000 on average in April – 26.2% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices Hammersmith and Fulham in April – they dropped 3.4% in price, to £616,096 on average. Over the last year, prices dropped by 3.2%.

Among other types of property:

Detached: down 2.8% monthly; up 2.6% annually; £1,336,025 averageSemi-detached: down 2.8% monthly; up 1.3% annually; £1,244,736 averageTerraced: down 2.8% monthly; down 1.1% annually; £1,040,813 average

How do property prices in Hammersmith and Fulham compare?

Buyers paid 36.1% more than the average price in London (£530,000) in April for a property in Hammersmith and Fulham. Across London, property prices are high compared to those across the UK, where the average cost £281,000.

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The most expensive properties in London were in Kensington and Chelsea – £1.5 million on average, and 2.1 times as much as more than in Hammersmith and Fulham. Kensington and Chelsea properties cost 4.5 times as much as homes in Barking and Dagenham (£336,000 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 April

Hammersmith and Fulham: £721,185London:£529,829UK: £281,161

Annual change to April

Hammersmith and Fulham: -2.5%London: +7.9%UK: +12.4%

Highest and lowest annual growth in London

Kensington and Chelsea: +26.7%Hammersmith and Fulham: -2.5%