Press Release: Hammersmith sails ahead in the property boat race
Fri 10 Apr 2015
Homes around Hammersmith Bridge have seen the biggest surge in value over the past year of all properties overlooking the route of Saturdays annual BNY Mellon Boat Race, according to analysis from London estate agents Marsh & Parsons.
Homes lining the Surrey riverbanks of the course are now worth 1.55m on average, but it is properties overlooking the route on the Middlesex side of the Thames that have experienced the fastest house price growth since the crowds last turned out to watch the Oxford and Cambridge rowing crews battle it out. North of the river, the average property price along the famous route currently stands at 1.23m, following a strong 4% rise over the last twelve months compared to 2.7% annual growth south of the Thames.
And in the overall house price growth race along this 6.8km stretch of the Thames, Hammersmith Bridge is the fastest stretch of the river, with house prices rising nearly 5% in the past twelve months. On the approach to this iconic landmark, several new housing developments around Fulham Reach are boosting the desirability of the area among both young professionals and investors, driving the highest price rise witnessed along the course.
Ben Gee, Associate Director and Sales Manager for Bishops Park, comments: With great transport links emanating from Hammersmith, and property prices generally a little more affordable than in some neighbouring West London areas, the new housing developments springing up on the banks of the Thames here are attracting a lot of interest. Demand for two-bedroom flats is especially high. A river view of the striking Hammersmith Bridge or looking across to the historic Harrods Depository is the cherry on top for buyers and can add up to 20% to the asking price.
Around the next bend, just a length behind Hammersmith, Chiswick has witnessed the second sharpest increase, with property prices up 4.4% year-on-year. This is where you will also find the priciest street on the Middlesex side of the river, with average house prices on exclusive Chiswick Mall directly overlooking the Chiswick Eyot currently standing at 3.4m.
But as the two crews approach the Chiswick Bridge finishing line, they will pass the most expensive riverside properties along the course with homes on Mortlakes leafy Thames Bank overlooking the final leg of the race worth more than 4.5m on average.
Peter Rollings, CEO of Marsh & Parsons, said: As a sporting phenomenon attracting spectators from all over the globe, the Boat Race shines a spotlight on this leafy stretch of the Thames every year, but these famous riverbanks also attract buyers day-in-day-out with waterside walks, bustling boutique high streets and a great selection of pubs to socialise in. As a result, house price growth among these waterfront properties is swimming along steadily, and it shouldnt be forgotten that this is on top of a much higher base than adjacent streets, as waterfront buyers also have to dig a little deeper into their pockets to snap up their vista of the Thames.
At the start of the boat race, riverside house prices in Putney have climbed 3.2% in value over the last year. As the route moves past Bishops Park, house price growth slows to a calmer 1.6% year-on-year, and nearby Fulham has witnessed a stronger 2.2% uplift, and has the lowest average home values along course. Price growth picks up on the home stretch river race, with property values in Barnes boosted 2.2% in the past year, and Mortlakes average house prices up 2.7% since April 2014.
Overall, the average price of riverside homes lining the route of the Boat Race currently stands at 1,311,354, with properties overlooking the famous Thames course typically attracting a price premium of up to 20% at certain junctures.
Based on Zoopla data (April 2015) and Marsh & Parsons branch information
For further information please contact:
The Wriglesworth Consultancy
Barney McCarthy / Emily Barnes
0207 427 1400
Marsh & Parsons
Marsh & Parsons has been part of the London property scene since 1856. The sales and lettings agent has 23 offices situated in prime positions across central, west and south London. They have an intimate and extensive knowledge of the area.
Marsh & Parsons are an independent and professional firm with a 'can-do' attitude covering all aspects of residential property. They aim to establish individual relationships with clients through a business built on energy, agility, professionalism and knowledge. Their business aim is to be the agent who not only understands the local area around their offices better than any other agent, but also to be at the heart of the community.