|Fulham Property Prices Reach New Record|
Both houses and flats leap by up to 20%
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.
August 17, 2012