|Sales in SW6 Double Between May and June|
Property market stirring in spring
Estate agents across Fulham will be breathing a sigh of relief following the publication of the most recent official figures on the local property market.
After transaction levels dropped to historic lows earlier this year there were fears of widespread closures of local property businesses. But the latest figures from the Land Registry show that the number of properties changing hands has more than doubled from just 84 in the first quarter to a much healthier total of 175 in the second.
Activity in the market is not back to levels seen a few years ago, but will bring welcome extra income to beleagured local offices.
The increased activity covers all types of property. The figures show six semi-detached homes were sold between April and June, compared with none at all in the previous three months.
The number of terraced homes changing hands was 74, compared with 44 in the previous months, while sales of flats and maisonettes soared from 40 to 95.
The news on prices, at first glance, is not quite so positive, with the average cost of a property falling by 21.5% during the quarter.
However, this can partly be explained by the change in the mix of properties changing hands. Between January and March, two luxury apartments at riverside development Imperial Wharf sold for £3,195,000 and £2,400,000. With so few transactions taking place across Fulham, these two sales alone were able to distort the overall figures.
This time round, the rise in transactions has mainly been in properties at the more affordable end end of the market - particularly flats selling for under £400,000.
And while this lowers average prices, it is good news in the long run for agents, as it shows younger people, including first time buyers and first time sellers who are one rung above them on the property ladder, are at last returning to the market.
The average property in the SW6 post code area now costs £568,579
The figures for England and Wales as a whole show a modest improvement in the monthly change in house prices. The June increase of 0.1 per cent is the first time the monthly change has been positive since January 2008. The annual drop of 14 per cent took the average house price to £153,046.
London experienced the greatest monthly rise with a movement of 2 per cent, making it the region with the greatest monthly change and an average property value of £301,859.
All regions in England and Wales experienced a decrease in their average property values over the last 12 months.
The numbers below are subject to revision as is it usual that some properties are added late to the Land Registry's database.
Fulham Property Prices - April - June 2009
May 21, 2009