Property Revival Slows in SW6

But figures show a massive improvement during 2009

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Fulham Property in the Fourth Quarter

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The revival in Fulham's property market slowed in the last three months of 2009, with only a tiny increase in the overall number of properties changing hands - 275 compared with 273 in the previous quarter.

The average property price, meanwhile slipped from £700,176 between July and September to £680,509 - a drop of 3.6%.

The properties which appeared to suffer the most were terraced houses, with the average price dropping under the million mark from £1,002.635 to £944,446. The volume of sales also dropped slightly, from 132 to 120.

Flats and maisonettes however, surged ahead, with the average price rising from £413,972 to £436,996 and the number of sales jumping from 138 to 149 - up 8%.

Semi-detached homes also did well, with sales doubling from three to six, and average prices soaring from £1,103,333 to £1,449,000.

This slightly mixed picture is perhaps not surprising as the property market is traditionally quiet during the cold winter months. And the picture becomes much clearer when you look at the changes over the period of a year.

Compared with the same period in 2008, sales of terraced houses rose by 200% and volume of sales by 18.9%. Prices of flats rose only by 0.6%, but that was mainly because the most expensive, multi-million pound apartments and penthouses at Imperial Wharf have now changed hands, and very few properties in Fulham are in that price range. The number of sales however has risen strongly by 122.4%.

Overall, the average property price has risen by 19.6% while total sales have gone up by 157%.

London's property market meanwhile continues its recovery. In December, the capital's property market experienced an annual house price change of 6.1% according to the Land Registry. This is the third month in a row that prices have increased year on year. Although London’s annual movement has mirrored that of England and Wales for some time, it now appears that London’s growth in general is increasing more rapidly.

The figures for England and Wales as a whole in December show an annual increase of 2.5%. This brings the average house price in England and Wales to £161,783 - the first positive annual house price change since May 2008.

Right Move's House Price index, which is based on offered prices rather than sales prices, is showing that in January in London prices rose to an average of £407,731. This represents an annual change of 5.5%.

Right Move say their figures show 'century low' stock levels for estate agents with the average agent having less than 65 properties on their books.

Miles Shipside, commercial director of Rightmove said: " The decision of post New Year sellers to ask for a higher price could be a shrewd move. In spite of problems brewing for later in the year, there are definitely some of the ingredients for a buoyant spring, and a window of opportunity that sellers may wish to take advantage of."

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 - October - December 2009

Area Semi-Det Sales Terraced Sales Flat/Mais Sales Total Averages Total Sales
SW6 1 0 0 749375 4 374384 19 439600 23
SW6 2 0 0 694519 26 486910 38 571251 64
SW6 3 0 0 1385833 21 583409 11 1110000 32
SW6 4 0 0 1074626 18 399666 15 767826 33
SW6 5 0 0 1195100 10 378400 15 705080 25
SW6 6 1449000 6 848366 15 447968 29 688211 50
SW6 7 0 0 736780 26 382590 22 574443 48
Total 1449000 6 944446 120 436996.1 149 680509 275
Change over quarter - - -5.8% -9.1% 5.6% 8.0% -3.6% 0.7%
Change over year - - 18.9% 200.0% 0.6% 122.4% 19.6% 157.0%

 

 

April 9, 2010

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