|Property Prices Surge by over 6% in First Quarter|
But overall sales slow during winter months
Fulham property prices continued to move upwards in the first three months of 2010, according to the latest official figures.
The average price hit £721, 892, up 6.1% from the average of £680,509 in the previous quarter.
Terraced houses were up 15.8% on the previous quarter and 16.6% on the same period last year, zooming over the million mark to reach an average of £1,093,457. The average during October to December 2009 was £944,446.
Flats rose by a smaller 2.4% to reach £447,378 compared with £436,996 in the previous quarter.
During this traditionally quiet winter period, no detached or semi-detached houses were reported to have changed hands, and the overall volume of sales dropped by 15.3% from 275 in the previous quarter to 233.
Looking longer term however, the picture is brighter. The volume of overall sales is up 177% on the total during the first three months of last year.
Across London, the average property price has risen by 13% to £336,409, making the capital the best performing region of the country over the last twelve months to the end of March.
The rest of the country has seen rises of 7.5% bringing the national average to £164,288, although prices did fall slightly during March.
Right Move's House Price index, which is based on offered prices rather than sales prices, is showing that in April sellers ignored pre-election concerns and put prices up by 2.6% in the month. In London the average asking price is now £421,822.
Miles Shipside, commercial director of Rightmove says: " Rarer property types in desirable locations are achieving record prices. For 'location, location, location' you can also read 'cash, cash, cash'.
" Conversely, in areas where buyers have less access to cash or mortgage finance, or there is an over-supply of a certain property type, sellers are having to price much more aggressively to secure a sale.
" There is increasing divergence between these different markets, with agents reporting some pockets where a couple of viewings find a cash-rich buyer, whereas a few miles down the road it’s taking over 20 viewings to achieve a sale."
Although political uncertainty appears to have had little impact on property in the UK thus far, Miles expects the market to go into 'suspended animation' until a clearer picture emerges on the stability of the new Government.
Fulham Property Prices - January - March 2010
May 18, 2010