There are some major factors all coming together at the moment that affect the Hammersmith property market. London house process, in general, has remained static for the last year, with the pandemic slowing transactions down to levels much lower than we’ve become accustomed to. But the end of lockdown, coupled with a few other reasons have seen activity levels start to increase again.
Let’s take a look at what is happening in the Hammersmith property market in 2021.
A Good Time To Buy In Hammersmith?
As people entered the lockdown world, many looked to get away from large cities, bustling populations, and the potential for transmission rates to be high. The coast and the country became popular destinations. This saw people move out of the big cities of the UK, with London being the particularly worst hit. According to data, the average house price in Hammersmith dropped from £966,894 in 2019 to £736,138 in 2020.
This represents a great opportunity to purchase property in a popular part of the capital. Hammersmith property prices are still 18.5% higher than the London average, holding their price perhaps better than many other parts of the capital. Investors or homeowners looking for a bargain should consider Hammersmith as the pandemic eases, the majority of the population become vaccinated and the work from home or WFH period comes to an end. Employers will open their doors again and the commute will become an essential part of daily life. We see the capital becoming a popular place to buy property again.
The Time Is Now
One of the other factors in the current state of the property market is the Stamp Duty holiday. This means that until 30th June 2021, anyone buying a property with up to £500,000 will not have to pay this tax. The transaction must go through by this date, so time is tight, but people are rushing to save this big chunk of money.
And with good right – the saving could be as much as £12,500 for those buying somewhere to live – significantly more for people buying a second home or an investment property.
And if you’re lucky enough to find a real bargain property in Hammersmith then the Stamp Duty holiday for homes up to £250,000 the tax savings have been extended until the end of September.
If you have any questions at all about this and the impact it can have on your finances when buying a property in Hammersmith, then please drop us a line.
New Developments
And another major factor in the state of the Hammersmith property market right now is the number of high-quality new developments in the area. New developments or redevelopments always invigorate a property market. People love something new, and this attracts new buyers to the area.
Led by the Hammersmith Town Hall redevelopment, there are a number of new homes coming to the area over the next few months. This has fuelled demand in the area, making Hammersmith one of the hotspots for London property again.
Over the last few years, there has been growing interest in development opportunities in Hammersmith town center. Extensive developments are now complete at the former Kings Mall car park at Sovereign Court, 10-12 Hammersmith Grove, and Bechtel House (known as 245 Hammersmith Road). Planning applications have also been granted for redevelopment of the town hall extension site and Landmark House. In addition, new residential and mixed-use developments outside the town center have been completed at Hammersmith Embankment/Fulham Reach Riverside Studios and Queens Wharf.
Rental yields are a little lower than the London average at £543 per week, which means that renters are attracted to the area. Although the return may be marginally lower than you may find in other areas of the capital, there is a strong demand for rental properties, and investors have been attracted to the Hammersmith area for this reason.
Current Trends In The Hammersmith Property Market
The Hammersmith property market has a good mix of starter homes, apartments, family homes, and high-end properties. And for this reason, it remains a strong place for homeowners and investors. As the market restarts in the wake of lockdown easing, we anticipate the factors above to result in activity and growth. Hammersmith property is a robust investment and the signs are looking good in terms of the near future.
Written by John Rigg
Source London Estates
