|Fulham Property Prices Hit All Time High|
Homes at top end of market in highest demand
Fulham property prices hit an all time high in summer, according to the latest official figures from the Land Registry.
And the number of homes changing hands alse leapt by over 15% from 284 in spring to 329 between July and September - normally a quiet period for estate agents when people are away on holiday.
The new statistics show that during the summer, the average sale price in SW6 was £761,285 - up 8.7% on the average during April to June of £700, 256.
A closer look at the figures however reveals that average price hike is mainly due to activity at the top end of the market. While in spring, the records show that no semi-detached houses changed hands, in summer five were sold in the SW6 6 post code area, to the west of Fulham - with an average sale price of £1,992,000.
The price of terraced houses showed only a tiny price rise of .2%, going from £1,087,225 to £1,089,239. However, the number sold rose by 40 from 107 to 147, and the average price in five postcodes from SW61 - 5, were all above £1 million.
Flats however, did not fare so well with exactly the same number of sales - 177 - and a small price drop of 2.6% from £466,326 to £454,336. Over the year however, flat prices have risen strongly by 9.8% while house prices have climbed by 8.6%.
The figures also reveal that property in SW6 is remains an excellent long term investment. The overall average price has risen by 46.2% over five years and an astonishing 132.4% over the last decade.
Local agents were not surprised by the latest news. Emma Hanks, Associate Director of Douglas & Gordon, says: " In a bull market property prices rise at will, but post-recession the market fragments and some sectors recover more quickly than others. Typically the least compromised houses in the most sought after locations will recover first. The post recession flight to quality means the greatest demand is for family friendly houses on the best roads in the area including Parsons Green, off the Fulham Road, Munster Village and Moore Park Estate.
" However with such low levels of stock people will have to broaden their search if they want to find value. Areas which have been lagging in the recovery will benefit from this effect and there will be a direct, positive, impact on prices in those areas.
" Many foreign buyers who wouldn’t have considered Fulham before are spilling over from the more expensive area of Chelsea. Fulham has long been a firm favourite for French and Italians buyers, but more recently the Chinese have been more in evidence."
Alex Maile, MD of Lawson Rutter says: " History shows that we live in an area where, over any length of time, prices are hugely robust. It was only two years ago when many economists were predicting cataclysmic falls in prices and the long term stagnation of the housing market.
" Not for the first time they would have been hard pushed to get it more wrong. House prices locally and in most of West London have recovered to, and often to in excess of their “peak” proving once again that demand will always underpin our local market. "
Fulham Property Prices - July - September 2010
Fulham Property Prices - April - June 2010
March 17, 2011