Fulham Property Prices Continue to Slide

Average price in SW6 dips below £700,000

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Fulham Property in the Third Quarter 2011

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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.

The only region in England and Wales to experience an increase in its average property value over the last 12 months is London with a movement of 2.8% to £345,298. The North East experienced the greatest annual price fall with a decrease of 7.1% and the most significant monthly price fall with a decrease of 1.9%.

The most up-to-date figures available show that, during October 2011, the number of completed house sales in England and Wales decreased by 6% to 55,309 compared to 58,634 in October 2010. The number of properties sold in England and Wales for over £1 million in October 2011 decreased by 10% to 525 from 582 in October 2010.

Fulham Property Prices - October - December 2011
Area Terraced Sales Flat/Mais Sales Total Averages Total Sales
SW6 1 0 0 399182 23 399182 23
SW6 2 1097969 15 463650 48 614678 63
SW6 3 1458934 15 599746 13 1060025 28
SW6 4 1428678 19 444979 19 936829 38
SW6 5 1185894 19 403542 20 784688 39
SW6 6 855980 16 484603 31 611029 47
SW6 7 845656 22 421215 35 585034 57
Total 1135194 106 452507 189 697811 295
Change over quarter -3.5% -22.6% -3.5% -4.5% -9.4% -13.2%
Change over year 13.4% 27.7% 10.2% 26.8% 9.1% 25.5%
Change over three years 15.4% -
Change over five years 35.6% -
Change over ten years 100.8% -

March 29, 2012

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