Hammersmith and Fulham house prices dropped in November

House prices dropped by 2.5% in Hammersmith and Fulham in November, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 8.8% annual growth.

The average Hammersmith and Fulham house price in November was £804,605, Land Registry figures show – a 2.5% decrease on October.

Over the month, the picture was worse than that across London, where prices increased 0.2%, and Hammersmith and Fulham underperformed compared to the 1.2% rise for the UK as a whole.

Over the last year, the average sale price of property in Hammersmith and Fulham rose by £65,000 – putting the area ninth among London’s 33 local authorities with price data for annual growth.

The best annual growth in the region was in Camden, where property prices increased on average by 17.9%, to £961,000. At the other end of the scale, properties in Hackney lost 8.5% of their value, giving an average price of £543,000.

Winners and Losers

Owners of detached houses fared worst in Hammersmith and Fulham in November – they dropped 3.4% in price, to £1,450,506 on average. But over the last year, prices rose by 13.3%.

Among other types of property:

Semi-detached: down 3.1% monthly; up 12.1% annually; £1,364,702 averageTerraced: down 2.6% monthly; up 9.2% annually; £1,150,938 averageFlats: down 2.4% monthly; up 8.6% annually; £690,165 average

First steps on the property ladder

First-time buyers in Hammersmith and Fulham spent an average of £702,000 on their property – £56,000 more than a year ago, and £63,000 more than in November 2016.

By comparison, former owner-occupiers paid £887,000 on average in November – 26.5% more than first-time buyers.

How do property prices in Hammersmith and Fulham compare?

Buyers paid 54.8% more than the average price in London (£520,000) 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 £271,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 1.6 times as much as more than in Hammersmith and Fulham. Kensington and Chelsea properties cost four times as much as homes in Barking and Dagenham (£331,000 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: £804,605London:£519,934UK: £270,708

Annual growth to November

Hammersmith and Fulham: +8.8%London: +5.1%UK: +10%

Best and worst annual growth in London

Camden: +17.9%Hackney: -8.5%