Hammersmith and Fulham house prices increased slightly in September

House prices increased slightly, by 0.6%, in Hammersmith and Fulham in September, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 6.5% annual decline.

The average Hammersmith and Fulham house price in September was £797,857, Land Registry figures show – a 0.6% increase on August.

Over the month, the picture was different to that across London, where prices decreased 0.6%, and Hammersmith and Fulham was above the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in Hammersmith and Fulham fell by £56,000 – 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 Brent, where property prices increased on average by 14.1%, to £589,000. At the other end of the scale, properties in City of London lost 14% of their value, giving an average price of £784,000.

An imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic.

But typical property values stalled across the UK between August and September, which caused annual growth to slow.

Andy Sommerville, director at property data provider Search Acumen said the latest data is further evidence of "a turning tide for house prices".

The figures are yet to reflect the full impact of the mini-budget, announced towards the end of September, which sparked volatitility in the mortgage market and saw interest rates on new agreements soar.

Nicky Stevenson, managing director at estate agent group Fine and Country said: “Annual house price growth slowed in September against a backdrop of rising interest rates and shrinking disposable incomes."

“All eyes will now turn to Chancellor Jeremy Hunt’s autumn statement, which is expected to include both tax rises and spending cuts," he added.

First steps on the property ladder

First-time buyers in Hammersmith and Fulham spent an average of £692,000 on their property – £51,000 less than a year ago, but £23,000 more than in September 2017.

By comparison, former owner-occupiers paid £885,000 on average in September – 27.8% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Hammersmith and Fulham in September – they increased 1.1%, to £1,170,686 on average. Over the last year, prices dropped by 5.3%.

Among other types of property:

Detached: up 1% monthly; down 4.3% annually; £1,493,697 averageSemi-detached: up 1% monthly; down 5.6% annually; £1,394,523 averageFlats: up 0.3% monthly; down 7.2% annually; £675,937 average

How do property prices in Hammersmith and Fulham compare?

Buyers paid 46.6% more than the average price in London (£544,000) in September for a property in Hammersmith and Fulham. Across London, property prices are high compared to those across the UK, where the average cost £295,000.

The most expensive properties in London were in Kensington and Chelsea – £1.4 million on average, and 1.7 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 (£350,000 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 September

Hammersmith and Fulham: £797,857London:£544,113UK: £294,559

Annual change to September

Hammersmith and Fulham: -6.5%London: +6.9%UK: +9.5%

Highest and lowest annual growth in London

Brent: +14.1%City of London: -14%