|Are Property Prices in Fulham Starting to Slide?|
Latest figures show modest drop of 2.4% from summer's all time high
The average property price in Fulham slipped by a modest 2.4% in the third quarter of 2011, according to the latest figures from the Land Registry.
That meant a drop from an all time high average of £789,335 in the previous quarter, between April and June, to £770,137 between July and September.
The average fell across all types of property, including semi-detached houses, which dropped under the £2 million barrier from an average of £2,041,000 during the summer to £1,585,000. That represented a dramatic drop of 22.3% from the previous quarter, and 20.4% over the previous year.
However, with only five properties changing hands, all in the SW6 6 postcode area, to the west of Fulham, this could prove to be only a blip rather than a long term trend.
The average price of terraced houses also fell by 2.7% from £1,208,131 to £1,175,913.
Flats and maisonettes recorded a larger drop of 8.3% from £511,007 to £468,796, but this followed a spectacular rise of 20.6% in the summer.
These price drops however not consistent across the whole of Fulham - the average price of terraced houses actually rose in four of our postcode areas, SW6 1,2,5 and 6, while the average price of flats climbed in SW6 3,4,5 and 6.
There was some good news for estate agents in the latest figures, which showed that the number of properties changing hands rose from 303 in the last quarter to 340 - a jump of 12.2%. Agents will now be waiting to see if this momentum keeps up during the chillier final quarter of 2011.
Alexander Dawes, Senior Negotiator with agents aspire in Wandsworth Bridge Road says:
" It has been evident that a good quality product marketed at the correct price will sell quickly with multiple offers. So the million dollar question – where are we going? If the high demand for property we are experiencing in London is maintained and should stock levels remain low, we expect the market to continue to be as buoyant as it has proved to be this year so far."
The September data from Land Registry's House Price Index shows an annual price decrease of 2.6% which takes the average property value in England and Wales to £162,109. The only region to experience an increase in value over the last 12 months is London with a rise of 2.7%.
The most up-to-date figures available show that during July 2011, the number of completed house sales in England and Wales decreased by 11 per cent to 59,919 from 67,475 in July 2010. The number of properties sold in England and Wales for over £1 million in July 2011 decreased by 24 per cent to 707 from 932 in July 2010.
According to the Nationwide's House Price Index which looks at offered prices rather that transacted sales UK house prices increased by 0.4% in October, lifting annual house price growth into positive territory for the first time in six months. The price of a typical home at £165,650 was 0.8% higher than October 2010.
Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said, “Given the challenging economic backdrop, October’s data is encouraging, but it doesn’t fundamentally change the picture of a housing market that is treading water. Property transaction levels remain subdued, and prices essentially flat compared to last year. The outlook remains uncertain, but with the UK economic recovery expected to remain sluggish, house price growth is likely to remain soft in the period ahead, with prices moving sideways or drifting modestly lower over the next twelve months.”
January 18, 2012