Estate agent believes bridge fiasco one reason for 15% increase
1 Lyric Square Hammersmith. Picture: Schroder UK Real Estate Fund
House prices in Hammersmith and Fulham have shot up by around £100,000 says an estate agent.
The value of property has risen by 15 per cent in the borough according to research from Benham and Reeves.
Some market professionals believe that Londoners are wanting to stay close enough to Zone 1 as they return to offices, plus a range of redevelopment works has driven up house prices in the area.
Property researcher Marc Von Grundherr said, “What Hammersmith and Fulham has seen is people starting to realise working from home won’t work forever.
“They have started seeing that they will be back two to three times a week. Commuter time is massive when you are coming in from Kent or Surrey.”
Hammersmith prices have also been brought up by a range of new developments.
The 110 hectare White City development continues to grow from Shepherd’s Bush town centre to Queen Park Rangers’ Kiyan Prince Foundation Stadium.
A HS2 super station is also being built at Old Oak Common next to Wormwood Scrubs.
A large housing development has also been added in Hammersmith town centre including at Hammersmith Grove
Mr Von Grundherr also believes the rise in house prices may be due to Londoners choosing to live in Hammersmith over other areas south of the river such as Barnes or Richmond, possibly due to the Hammersmith Bridge fiasco.
Rather than face travel delays of up to an hour by travelling over Putney Bridge or Chiswick Bridge, Marc believes some residents may be choosing to live on the Hammersmith side of the river.
Marc added, “There will be a large number of people who will say no to Barnes because of the bridge.”
The average house price in Hammersmith and Fulham in May 2020 was £679,488 but this has shot up to £780,944 in just twelve months, a rise of 14.9 per cent.
Jacob Phillips - Local Democracy Reporter
August 10, 2021