Hammersmith and Fulham house prices dropped more than London average in January

House prices dropped by 4.4% – more than the average for London – in Hammersmith and Fulham in January, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 6.2% annual growth.

The average Hammersmith and Fulham house price in January was £761,818, Land Registry figures show – a 4.4% decrease on December.

Over the month, the picture was worse than that across London, where prices decreased 1.8%, and Hammersmith and Fulham underperformed compared to the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in Hammersmith and Fulham rose by £45,000 – putting the area 13th among London’s 33 local authorities with price data for annual growth.

The best annual growth in the region was in Islington, where property prices increased on average by 13.4%, to £760,000. At the other end of the scale, properties in Tower Hamlets lost 5.1% of their value, giving an average price of £438,000.

Winners and Losers

Owners of detached houses fared worst in Hammersmith and Fulham in January – they dropped 6.2% in price, to £1,362,975 on average. But over the last year, prices rose by 9.8%.

Among other types of property:

Semi-detached: down 5.4% monthly; up 8.6% annually; £1,281,635 averageTerraced: down 4.5% monthly; up 7.7% annually; £1,099,762 averageFlats: down 4.4% monthly; up 5.7% annually; £651,732 average

First steps on the property ladder

First-time buyers in Hammersmith and Fulham spent an average of £663,100 on their property – £36,500 more than a year ago, but £3,700 less than in January 2017.

By comparison, former owner-occupiers paid £842,300 on average in January – 27% more than first-time buyers.

How do property prices in Hammersmith and Fulham compare?

Buyers paid 49.3% more than the average price in London (£510,000) in January for a property in Hammersmith and Fulham. Across London, property prices are high compared to those across the UK, where the average cost £274,000.

The most expensive properties in London were in Kensington and Chelsea – £1.4 million on average, and 1.8 times as much as more than in Hammersmith and Fulham. Kensington and Chelsea properties cost 4.1 times as much as homes in Barking and Dagenham (£346,000 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 January

Hammersmith and Fulham: £761,818London:£510,102UK: £273,762

Annual growth to January

Hammersmith and Fulham: +6.2%London: +2.2%UK: +9.6%

Best and worst annual growth in London

Islington: +13.4%Tower Hamlets: -5.1%