Hammersmith Property prices

What Is Happening To Hammersmith House Prices In Autumn 2021?

What Is Happening To Hammersmith House Prices In Autumn 2021? 

Even though we’re constantly told that house price growth will slow, the average price for property in Hammersmith stood at £932,953 in September 2021. Yes, you read that right – average Hammersmith house prices are closing in on the million-pound mark. The end of the Stamp Duty holiday and lockdown restrictions being removed almost entirely were supposed to see house prices drop. But nationally they have risen at a rate not seen for decades. And in Hammersmith, as across the rest of London, the trend has also been upwards.

At the core of all of this is the lack of housing stock, as commentators put it. In the kind of language, you and I use, they aren’t building enough houses. And this means that for every house that comes onto the market, there is more than one interested buyer. And only one party can buy it. So, prices increase, more houses enter the market and the cycle continues. But there is more to play with Hammersmith house prices than simply the kind of basic demand and supply they teach in school. Let’s take a look at some of the other factors that affect Hammersmith house prices. And what that means for you -

Rising Wages.

It has been one of the talking points of the post-pandemic world. Wages have risen at a historically unparalleled rate. Wages stagnated in the lockdown era, where employers had vast swathes of their workforce on furlough. But now there are a million job vacancies across the UK. And many of these will be in London. Now that means employers have to put up wages to attract people to their role over the other vast choices’ applicants have. The immediate effect is that prices are rising for everything from fuel to groceries.

But the additional effect is that people can afford to pay more for a home. A ten-thousand-pound wage increase is approximately a forty grand difference when you look at mortgage income multipliers of 4 times salary. No wonder Hammersmith house prices are seeing growth.

Moving Back To The City.

 One of the effects of lockdown was people rethinking their priorities. They wanted to live away from the hustle and bustle of the city. Being close to millions of other people meant more chances of contracting COVID. The lure of the coast and countryside was far too strong for many. Being in a secluded location while you could work from home was a great idea. Now many employers are bringing their team back to the office. And that means the attraction of living in London is back instead of a long commute.

The draw of London life is extremely strong. There is simply so much to do when you’re in the capital. Think entertainment, nightlife, museums, attractions, dining options and more. There’re no wonder people are rethinking their priorities again now that the world is starting to look something like normal once more. This has an inflationary effect on the price of a property in the cities. And Hammersmith house prices are following this trend.

And, let’s be honest, even with some recent property developments, we’re limited with space in the centre of London. That means that competition for every home is high. If you’re looking to buy a particular property then you won’t be the only one.

Lending Affects Hammersmith.

House Prices We’re still at a great place for borrowing money. Interest rates are at a historically low level. Think back to the 1980s when interest rates of 15% caused people to just walk away from their property because they couldn’t afford it. Now we have some of the lowest mortgage rates ever. People are able to access cash quickly and cheaply. And this adds more fuel to an already hot Hammersmith housing market. Banks are offering plenty of credit – and offering it at amazingly low rates. This is a perfect storm that drives the property market ever forward.

Average Hammersmith house prices at nigh on a million pounds might seem high. But, as you can see from these factors above, there are sound reasons for this happening. And none of these reasons is going away fast. If you’re looking for a home here, then please drop us a line. We’ve got our ear to the ground and we’re here to answer any questions you might have.

Written by John Rigg

Source London Estates

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