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

House prices dropped by 3.8% – more than the average for London – in Hammersmith and Fulham in October, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 4.8% annual decline.

The average Hammersmith and Fulham house price in October was £758,330, Land Registry figures show – a 3.8% decrease on September.

Over the month, the picture was different to that across London, where prices decreased 0.9%, and Hammersmith and Fulham was lower than the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Hammersmith and Fulham fell by £38,000 – 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 Tower Hamlets, where property prices increased on average by 12.5%, to £484,000. At the other end of the scale, properties in Kensington and Chelsea lost 7.1% of their value, giving an average price of £1,356,000.

Average UK house prices increased by 12.6% in the year to October, accelerating from 9.9% in September.

The increase in the annual percentage change was partly caused by a sharp fall in average house prices in October 2021, following changes to stamp duty.

The average UK house price was £296,400 in October, which was £33,000 higher than a year earlier.

Tom Bill, head of UK residential research at Knight Frank, said: “Despite today’s figures, double-digit UK house price growth is now a thing of the past.

“Even as the reverberations of the mini-budget fade, a more adverse lending landscape is emerging after 13 years of ultra-low rates."

First steps on the property ladder

First-time buyers in Hammersmith and Fulham spent an average of £658,500 on their property – £34,200 less than a year ago, and £3,100 less than in October 2017.

By comparison, former owner-occupiers paid £840,400 on average in October – 27.6% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest fall in property prices Hammersmith and Fulham in October – they dropped 4.2% in price, to £1,317,786 on average. Over the last year, prices dropped by 5%.

Among other types of property:

Detached: down 3.9% monthly; down 4.8% annually; £1,409,887 averageTerraced: down 4% monthly; down 3.9% annually; £1,113,860 averageFlats: down 3.7% monthly; down 5.3% annually; £642,762 average

How do property prices in Hammersmith and Fulham compare?

Buyers paid 40% more than the average price in London (£542,000) in October for a property in Hammersmith and Fulham. Across London, property prices are high compared to those across the UK, where the average cost £296,000.

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 3.8 times as much as homes in Barking and Dagenham (£356,000 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 October

Hammersmith and Fulham: £758,330London:£541,720UK: £296,422

Annual change to October

Hammersmith and Fulham: -4.8%London: +6.7%UK: +12.6%

Highest and lowest annual growth in London

Tower Hamlets: +12.5%Kensington and Chelsea: -7.1%