|Fulham House Prices Plunge from 2010 All Time High|
But average at top end of market breaks the £2 million barrier
Average property prices in Fulham plunged by 16% in the last quarter of 2010, according to the latest figures from the Land Registry.
The average fell from an all time high of £761,385 in the previous quarter to £639,597 between October and December.
The volume of sales fell even more dramatically, with a drop of 28.6% from 329 between July and September to just 235 in the next three months, although this is partly to be expected with the run up to Christmas always a quiet time for estate agents.
Flats and maisonettes suffering the biggest price drop of 9.6% from £454,336 to £410,632.
The average price of terraced houses fell 8.1% to £1,000,819 from £1,089,239 in the previous quarter, but that latter figure was an all time high for SW6, and even with this fall the average was still up 6% on the same period in 2009.
At very top of the market, the number of sales of semi-detached homes fell from five to three, but the average price showed a rise from £1,992.000 to break through the £2 million mark to reach £2017666. All these top priced homes were in the SW6 6 postal area, in the "alphabet streets" to the west of Fulham.
Eric Walker of estate agent Bushells agrees Business has changed significantly, with instruction levels and sales agreed both falling. But he adds: "Nevertheless, the number of sales which failed to proceed fell by 40%.
" Simply, there are indeed fewer sales agreed, but the quality of those sales appears much better. Sales which proceeded to exchange of contracts in the first 2 months of the year have increased by an astonishing 42%. I believe this is in part because buyers registering have already checked to see whether they can secure finance rather than waiting to find a property first."
He adds: " In London, it is NOT all doom and gloom. The market is very competitive and remains challenging, however we have already exceeded that which we achieved in the first quarter of 2010. Long may it continue."
The statistics bear out his statement. London as a whole remains by far and away the strongest area in the country in price terms with home values rising by 6.2% in December compared to the same month in 2009. The average London property now costs £342,325. For England and Wales as a whole property prices rose by 1.5% with many areas of the north seeing falling values over the year. The average home price in the U.K. is now £163,814.
Fulham Property Prices - October - December 2010
Fulham Property Prices - July - September 2010
March 24, 2011