|Fulham Property Prices Continue to Slide|
Average price in SW6 dips below £700,000
The average property price in Fulham has fallen further according to the latest numbers from the Land Registry.
SW6 property prices reached an all time high average of £789,335 in the second quarter of 2011, but after having dipped slightly in the third, they were down again in the final three months of the year by 9.4% to £697,811.
One of the main reasons for this slump is the drying up of sales at the top end of the market. Whereas the previous three months' figures recorded 11 semi-detached homes changing hands, with an average price of £1,585,000, no detached or semi-detached homes were sold between October and December.
In fact, the number of sales was down in all areas of the market, with the total of properties changing hands dipping from 340 in the previous quarter to 295. However, this quarter does include the traditionally quiet Christmas period.
The value of terraced houses slipped by 3.5% to an average of £1,135,194. However, looking back a year, this is still 13.4% higher than prices in the last three months of 2010.
The situation is similar with flats and maisonettes, which also show a drop from the previous quarter of 3.5% to an average of £452,507, but a rise of 10.2% over the year.
And though prices appear to be currently sliding from all time highs achieved last summer, the long term view is reassuring. The average price in Fulham is now 9.1% higher than one year ago and 35.6% higher than five years ago.
Over ten years, the statistics show that the average property pricein SW6 has more than doubled, rising by 100.8%.
The December data from Land Registry's flagship House Price Index shows an annual price decrease of 1.3% which takes the average property value in England and Wales to £160,384.
March 29, 2012