Hammersmith and Fulham house prices crashed 6.6% in October

House prices crashed by 6.6% in Hammersmith and Fulham in October, new figures show.

The large drop contributes to the longer-term trend, which has seen property prices in the area suffer a 9.9% annual decline – the worst in London.

The average Hammersmith and Fulham house price in October was £716,048, Land Registry figures show – a 6.6% decrease on September.

Over the month, the picture was different to that across London, where prices decreased 3.1%, and Hammersmith and Fulham was lower than the 0.7% drop for the UK as a whole.

Over the last year, the average sale price of property in Hammersmith and Fulham fell by £78,000 – putting the area bottom among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in Richmond, where property prices increased on average by 5.4%, to £806,000.

First steps on the property ladder

First-time buyers in Hammersmith and Fulham spent an average of £619,000 on their property – £69,000 less than a year ago, and £31,000 less than in October 2018.

By comparison, former owner-occupiers paid £798,000 on average in October – 28.8% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Hammersmith and Fulham in October – they dropped 6.7% in price, to £1,059,991 on average. Over the last year, prices dropped by 9.7%.

Among other types of property:

• Detached: down 6.2% monthly; down 8.9% annually; £1,354,324 average
• Semi-detached: down 6.6% monthly; down 9.8% annually; £1,258,947 average
• Flats: down 6.5% monthly; down 10% annually; £604,046 average

How do property prices in Hammersmith and Fulham compare?

Buyers paid 38.9% more than the average price in London (£516,000) 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 is £288,000.

The most expensive properties in London – and the UK – were in Kensington and Chelsea – £1.4 million on average, and 1.9 times the price as in Hammersmith and Fulham. Kensington and Chelsea properties cost four times the price as homes in Barking and Dagenham (£334,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, at £1.4 million.

Factfile

Average property price in October

• Hammersmith and Fulham: £716,048
• London:£515,504
• UK: £287,782

Annual change to October

• Hammersmith and Fulham: -9.9%
• London: -3.6%
• UK: -1.2%

Highest and lowest annual growth in London

• Richmond: +5.4%
• Hammersmith and Fulham: -9.9%