Fulham Property Market Soars in Summer

Latest figures show strong recovery

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Fulham's estate agents have received an early Christmas present in the shape of the latest Land Registry figures, which show both market activity and property prices are making a strong recovery.

The figures, covering the period from July to the end of of September show the average property price in Fulham reaching £706,176  - up by almost £150,000 from the previous quarter's average of £568,579. That represents a rise of 24.2%.

The boost in activity is even more marked. In first quarter of 2009, just 84 properties changed hands. This rose to a healthier 175 in the second quarter, and the figures now show that in the third, it soared by another 56% to reach 273.

This increase happened in every part of the SW6 postcode, with the fastest growth in areas 6, the area around Fulham Football Club to the west of the borough and 7, the area around Dawes Road, where the total number of homes changing hands rose from 29 to 51 and from 27 to 55 respectively.

These figures offer proof that Fulham is bouncing back from the effects of the recession. In the last quarter, prices were down 20.4% from the previous year, but this time they are just 5.1% lower. If this trend continues, prices will show a year on year rise in the fourth quarter.

The figures also prove that property remains a safe investment over the longer term. Despite the credit crunch and its aftermath, the average property price in Fulham is now 20% higher than the same period three years ago, and an astonishing 67.5% higher than five years ago.

Across London as a whole meanwhile, the annual house price change to the end of September according to the Land Registry is -3.2 %, which is the sixth month in a row in which London's rate of fall has eased. The average value of a property in London is now £314,954.

Right Move's House Price index, which is based on offered prices rather than sales prices, is showing that in October in London prices were back to an all-time high. The majority of buyers are expecting more rises and only 1 in 10 expecting falls

The Land Registry figures for England and Wales as a whole in September show an annual movement of -5.6%. This brings the average house price in England and Wales to £158,377. This is the fifth month in a row where the annual rate of decline has eased.

The latest survey of Chartered Surveyors for the RICS also shows the market recovering with London appearing to be the strongest area.

Jeremy Leaf, a spokesperson for the RICS says: " Although the supply of property is beginning to pick up, it is still insufficient to keep pace with the increase in demand which points to further prices gains in the near term. Cheap money remains a critical prop for the market and this is being reflected in the continuing appetite for finance from first-time buyers despite the large deposits still being demanded by lenders."

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 - July - September 2009

Area Semi-Det Sales Terraced Sales Flat/
Mais
Sales Total Avg Total Sales
SW6 1 0 0 0 0 394969 18 394969 18
SW6 2 0 0 860016 15 466574 27 607089 42
SW6 3 0 0 1311072 33 420853 13 1059488 46
SW6 4 0 0 1115666 15 411350 20 713200 35
SW6 5 0 0 1138875 16 368709 10 842657 26
SW6 6 1103333 3 858437 24 396685 24 655548 51
SW6 7 0 0 711128 29 404445 26 566151 55
Total 1103333 3 1002635 132 413972 138 706176 273
Change over quarter - - 29.7% 78.4% 1.0% 45.3% 24.2% 56.0%
Change over year - -5.1% -
Change over 3 years 21.3% -
Change over 5 years 67.5% -

 

November 16, 2009

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