|Fulham Property Market Soars in Summer|
Latest figures show strong recovery
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
November 16, 2009