|Onwards and Upward for Fulham Property Prices|
SW6 home values reach new record and have doubled over last decade
The seemingly inexorable rise of Fulham property prices continues with the local market reaching another new high, according to the latest sales figures.
The average price of a property sold in the SW6 post code area during the third quarter was £885,246 - up 14.9% on the same period last year.
Part of the reason for the rise in the average was the shifting balance between purchases of houses and flats. In the second quarter, 106 terraced houses changed hands, with an average price of £1,317,971.
In the third quarter, sales of terraced homes rose to 137, with the average price increasing to to £1,360,864.
But while no semi-detached homes were sold in the previous quarter, three changed hands this time round - all in the SW6 3 postcode area, south of Parsons Green, around South and Hurlingham Parks - with a higher average figure of £1,571,666.
These new figures also show that for the first time, the average house price has risen above £1 million in every area of Fulham. This is consistent with research by local agent Marsh and Parsons, who found that the price difference between the average property in prime central London and the outer prime areas has reduced, with areas such as Barnes, Clapham and Fulham performing particularly strongly.
In the last year, says the agent, the proportion of £1 million plus properties in the prime areas of London - including Fulham - has risen from 34.6% to 43%.
Peter Rollings, CEO of Marsh & Parsons says: " “After the meteoric price rises seen in prime London in the past few years, the number of property millionaires in the capital has also shot up. Properties no longer have to be palatial to be worth £1m. If they are located in a popular prime area, there’s a good chance they’ll be worth a seven figure sum. They do not necessarily have to be mansions."
When it comes to the average price of flats in Fulham, the picture is not quite so clear, with the figures showing a drop in the third quarter of 5.1% from £550,114 to £521,900. In the longer term however, the trend is still firmly upwards with a rise of 11.3% over one year and 26.1 over three.
And in the even longer term, the statistics show that in the last ten years, overall Fulham property prices as a whole have more than doubled.
Prices are also rising across the Capital. London was the region in England and Wales which experienced the greatest increase in its average property value over the last 12 months. with a hike of 5.5%.
The September data from Land Registry's flagship House Price Index shows an annual price increase nationally of 1.1 per cent which takes the average property value in England and Wales to £162,561.
The most up-to-date figures available show that during July 2012, the number of completed house sales in England and Wales decreased by 9 per cent to 56,509 compared with 62,303 in July 2011.
The number of properties sold in England and Wales for over £1 million in July 2012 increased by 13 per cent to 817 from 725 in July 2011.
A detail listing of properties sold recently in the area will be appearing in a forthcoming edition of the Fulham newsletter.
November 9, 2012