Fulham Property Prices Reach New Record

Both houses and flats leap by up to 20%

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Fulham Property in the First Quarter of 2012

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The average property price in Fulham has hit a new all time high, soaring above £800,000 for the first time.

The latest Land Registry figures show in the second quarter of 2012, the average rose by nearly one fifth - 18.8% to be precise - from the previous three months, up from £693,217 to reach £823,345.

The average is also up 4.3% on the previous all time high, which was £789,335, reached in the same quarter last year.

Even more astonishingly, this rise was achieved without any detached or semi-detached homes changing hands during the period.

The statistics show that prices rose in all sections of the market, with flats and maisonettes jumping by a huge 20.3% to break through the half million mark, from £457,407 to £550,114.

The average price of terraced houses across Fulham was up by 11.6% from £1,181,100 to £1,317,971, and was above one million pounds in six of SW6's seven postcode areas. Only one area - SW6 2, south of Kings Road - had a six figure average of £934,291.

In this spring quarter, traditionally the busiest for estate agents, the volume of sales also rose by 11.6%, from 267 to 298.

Alex Maile of agents Lawson Rutter in Fulham says that one reason for these soaring price levels is that there are simply more buyers than sellers. " One area where we are seeing a lack of supply and a surplus of demand is for family houses," he says. " Prices are now well above 2007 levels and in some cases such as the Crabtree Estate, Bishops Park or off the Munster Road, 10%-15% in excess of 2007 levels.

" It is interesting to note that about a third of sellers in these areas are investors taking a view that prices levels in 2012 are perhaps as good as they are likely to get in the midterm and now is the time to try and maximise the return on their asset.

" Also interesting is that the buyers snapping up these houses are taking a similarly pragmatic approach – the first being I need a home for my family near to the school, work, friends etc and secondly as I’m likely to be in this house for the next seven to ten years price levels to a certain degree are largely irrelevant."

For England and Wales as a whole meanwhile the House Price Index shows an annual price increase of 0.9% which takes the average property value in England and Wales to £161,777.

A detail listing of properties sold recently in the area will be appearing in a forthcoming edition of the Fulham newsletter.

Fulham Property Prices - January - March 2012
Area Terraced Sales Flat/Mais Sales Total Averages Total Sales
SW6 1 1444166 6 466499 17 721543 23
SW6 2 934291 12 656294 61 701992 73
SW6 3 1834823 17 605046 15 1258365 32
SW6 4 1266229 22 531775 21 907542 43
SW6 5 1679630 13 522140 22 952065 35
SW6 6 1136765 18 503517 32 731486 50
SW6 7 1026805 18 408956 24 673748 42
Total 1317971 106 550114 192 823245 298
Change over quarter 11.6% 21.8% 20.3% 6.7% 18.8% 11.6%
Change over year 9.1% -3.6% 7.7% 2.1% 4.3% -1.7%
Change over three years 70.5% 43.2% 34.2% 102.1% 44.8% 70.3%
Change over five years - - - - 34.0% -
Change over ten years - - - - 89.5% -

 

Fulham Property Prices - January - March 2012
Area Terraced Sales Flat/Mais Sales Total Averages Total Sales
SW6 1 806166 6 421344 19 513701 25
SW6 2 1011375 14 463177 62 564161 76
SW6 3 1639384 17 655000 6 1382588 23
SW6 4 1336950 10 412466 22 701367 32
SW6 5 1527250 10 429214 10 978232 20
SW6 6 1013871 16 513319 34 673496 50
SW6 7 787571 14 402275 27 533839 41
Total 1181100 87 457407 180 693217 267
Change over quarter 4.0% -17.9% 1.1% -4.8% -0.7% -9.5%
Change over year -5.1% -13.0% 8.0% 16.9% -10.3% 3.1%
Change over three years 25.9% 97.7% -6.3% 350.0% -4.2% 217.9%
Change over five years - - - - 20.1% -
Change over ten years - - - - 87.2% -

 


August 17, 2012

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