Hammersmith and Fulham house prices dropped in April
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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Hide AdAn 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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Hide AdOver 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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Hide AdBy 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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Hide AdThe 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%