|Busy Spring for SW6 Estate Agents|
Number of property sales soars
Fulham's estate agents were kept busy between April and June, with the number of properties changing hands soaring to 284 - up 21.9% on the previous quarter when 233 properties were sold.
Sales were also up by a huge 62.3% compared with the same period last year, when just 175 properties were sold.
Flats and maisonettes account for more of this increase, with 177 sales compared with 134 in the previous quarter. 107 terraced houses also changed hands - up from 99 between January and March.
The average property price, however dropped by 3% from £721,892 in the first quarter to £700,256 in the second, though this can also be explained by the larger number of lower priced flats changing hands.
In fact, while the average house price slipped slightly from £1,093,457 to £1,087,225 - a drop of .6% - flats and maisonette prices rose strongly from an average of £447,378 to £466,326 - up 4.2%.
Looking back over the year, however it is houses which show the biggest growth with prices rising 40.7% compared with 13.8% for flats.
In London overall, the average property price increased by 12.2% in June compared with the same month last year, which means prices have now recovered to reach the same level they were at three years ago.
Across England and Wales, the increase is 8.4%. .
However, some analysts are warning that the property market's current strong performance cannot be maintained.
Miles Shipside, commercial director of Rightmove, comments: “The number of new mortgages being approved each month is less than half the number of new sellers, with the imbalance being exacerbated by the increase of nearly 50% in the number of properties coming to market compared to a year ago.
" More aggressive pricing is now the order of the day, which means that conditions are ripe for a strong buyers’ market in the second half of 2010.
"This is likely to see the average price gains of 7% for the first half of the year wiped out by year-end, in line with Rightmove’s original forecast for the year of no net change in prices."
Fulham Property Prices - April - June 2010
August 13, 2010