|Local House Prices Higher than 2007 Market Peak|
H & F among five boroughs making "dramatic recovery"
Hammersmith and Fulham is one of five central London boroughs where house prices have recovered so dramatically, they are now higher than at the property market peak in summer 2007, according to estate agent Marsh & Parsons.
Leading the way is the City of Westminster where average house prices are nearly 10% higher than in July 2007 and Kensington & Chelsea where prices have risen by almost 6.5%. House prices in Camden, Hackney and Hammersmith & Fulham are also higher than they were before the credit crunch caused the market to collapse.
In Hammersmith and Fulham, the average property price is now £479,418, 0.91% above the average in summer 2007, which was £475,116.
Peter Rollings, managing director of Marsh & Parsons, says: "It's remarkable that house prices in some central parts of the capital have already passed the high water mark seen in 2007.
" The official figures don’t tell the whole truth in that we believe the falls during the economic downturn may have been steeper than 10% and that prices have rebounded much more strongly in certain prime areas."
He adds: " The strongest recovery is due to cash rich buyers who probably don’t need a mortgage, foreign investment attracted by the weak pound and City workers who have invested in bricks and mortar rather than in low yielding investments such as bonds and ISAs."
April 23, 2010