Property Prices Surge by over 6% in First Quarter

But overall sales slow during winter months

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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

Area Terraced Sales Flat/Mais Sales Total Averages Total Sales
SW6 1 1435000 3 456000 21 578375 24
SW6 2 948611 9 453751 43 539400 52
SW6 3 1504352 17 564000 16 1048424 33
SW6 4 1266313 19 418733 19 842523 38
SW6 5 1021838 21 494241 11 840477 32
SW6 6 915090 11 394562 12 643510 23
SW6 7 750065 19 309166 12 579394 31
Total 1093457 99 447378 134 721892 233
Change over quarter 15.8% -17.5% 2.4% -10.1% 6.1% -15.3%
Change over year 16.6% 125.0% -8.4% 235.0% -0.3% 177.4%

 

 

May 18, 2010

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