Hammersmith and Fulham house prices leapt 5.6% in July

House prices leapt by 5.6% in Hammersmith and Fulham in July, new figures show.

The significant boost contributes to the longer-term trend, which has seen property prices in the area achieve 2% annual growth.

The average Hammersmith and Fulham house price in July was £805,503, Land Registry figures show –a 5.6% increase on June.

Over the month, the picture was better than that across London, where prices increased 1.1%, and Hammersmith and Fulham outperformed the 2% rise for the UK as a whole.

Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.

But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.

Over the last year, the average sale price of property in Hammersmith and Fulham rose by £16,000 – putting the area 30th among London’s 33 local authorities with price data for annual growth.

The best annual growth in the region was in Harrow, where property prices increased on average by 14%, to £547,000. At the other end of the scale, properties in City of London lost 11.5% of their value, giving an average price of £808,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in Hammersmith and Fulham in July – they increased 5.9%, to £1,184,179 on average. Over the last year, prices rose by 4.4%.

Among other types of property:

Detached: up 5.2% monthly; up 7% annually; £1,502,160 averageSemi-detached: up 5.7% monthly; up 5.6% annually; £1,413,553 averageFlats: up 5.4% monthly; up 0.9% annually; £682,484 average

First steps on the property ladder

First-time buyers in Hammersmith and Fulham spent an average of £698,900 on their property – £9,700 more than a year ago, and £34,100 more than in July 2017.

By comparison, former owner-occupiers paid £893,700 on average in July – 27.9% more than first-time buyers.

How do property prices in Hammersmith and Fulham compare?

Buyers paid 48.2% more than the average price in London (£544,000) in July for a property in Hammersmith and Fulham. Across London, property prices are high compared to those across the UK, where the average cost £292,000.

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 3.9 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 July

Hammersmith and Fulham: £805,503London:£543,517UK: £292,118

Annual growth to July

Hammersmith and Fulham: +2%London: +9.2%UK: +15.5%

Best and worst annual growth in London

Harrow: +14%City of London: -11.5%