Old money boosts house prices
House asking prices in Hammersmith & Fulham have increased by 5.6 per cent since January last year, a report has revealed.
Rightmove, the UK’s leading property website, put the borough in stark contrast to other west London boroughs, such as Richmond-upon-Thames, where prices fell by 6.8 per cent. An article by Bloomberg attributes this rise to ‘old money’ areas with ‘expensive addresses’ being able to weather the storm.
However the extent to which H&F has defied the national trend is uncertain. Ammar Bakhaya, 41, owner of Latymers Ltd estate agents in Hammersmith Road, said: “The real picture is that house prices in the area have dropped between 10-15 per cent in the last year. Kensington & Chelsea have dropped by around 6-7 per cent but other areas are doing much worse.”
Carl Burgess, 37, branch manager of Winkworth in Uxbridge Road, said: “I started in 1988 and I have seen this kind of market before but many others have not and this is what is causing problems. There is a level in the market when prices fall sufficiently to attract buyers again. Some agents however, whether it be out of inexperience or genuine enthusiasm, are refusing to cut prices to reflect real property values and this is slowing the market down. I do not doubt that asking prices increased, but there is no evidence that the market improved – all the economic indicators have and continue to tell us otherwise. The situation has been very frustrating.“This is not Kensington & Chelsea and asking prices in some areas should have fallen as much as 20 per cent.”
Perhaps this inconsistency is slowly being readdressed, however, as the same survey registered a 2.2 per cent decrease in asking prices in December. Estate agents do feel there is still some cause for optimism, though.
Carl said: “There are finally beginning to be some great bargains out there and there has not been a better time to start upgrading or house hunting for a long time.”
Caroline Watkins, 38, an estate agent for 15 years and branch manager at Barnard Marcus, King Street, added: “We’re really busy. Lots of new people are registering and actively looking and that can only be a good sign.”
