Fulham Property Prices Hit All Time High

Homes at top end of market in highest demand

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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

Area Semi-Det Sales Terraced Sales Flat/Mais Sales Total Averages Total Sales
SW6 1 0 0 1019142 7 424200 21 572936 28
SW6 2 0 0 1068925 14 494517 40 643438 54
SW6 3 0 0 1561583 21 576550 10 1243830 31
SW6 4 0 0 1143500 21 456392 25 770072 46
SW6 5 0 0 1322850 20 428775 20 875813 40
SW6 6 1992000 5 856810 29 432915 41 700760 75
SW6 7 0 0 854512 35 411417 20 693387 55
Total 1992000 5 1089239 147 454336 177 761385 329
Change over quarter - - 0.2% 37.4% -2.6% 0.0% 8.7% 15.8%
Change over year 8.6% 11.4% 9.8% 28.3% 7.8% 20.5%
Change over three years 12.7% -
Change over five years 46.2% -
Change over ten years 132.4% -

 

Fulham Property Prices - April - June 2010

Area Terraced Sales Flat/Mais Sales Total Averages Total Sales
SW6 1 869375 4 400587 16 494345 20
SW6 2 970506 18 531515 48 651240 66
SW6 3 1537361 18 527769 13 1113984 31
SW6 4 1049230 13 472479 29 650997 42
SW6 5 1265338 15 426000 17 819440 32
SW6 6 999515 16 436405 30 632269 46
SW6 7 830509 23 405020 24 613238 47
Total 1087225 107 466326 177 700256 284
Change over quarter -0.6% 8.1% 4.2% 32.1% -3.0% 21.9%
Change over year 40.7% 44.6% 13.8% 86.3% 23.2% 62.3%

 

 

March 17, 2011

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