|Sharp Drop for Fulham Property Prices|
SW6 prices retreat from record high but flats outperform
Fulham property prices dipped sharply at the end of last year according to the latest official figures. The average value pf a home sold in the SW6 post code area dropped by 19.4% - over £150,000 - down from a record high of £885,246 in the previous quarter to £713,312. This is still 2.2% above the same period last year.
This was partly due to a slip in the average price of terraced houses, which were down 12.9% from £1,360,864 to £1,182,462. This slide was consistent in all postcode areas of Fulham apart from SW6 5, the area north of Fulham Road between the Broadway and Munster Road, where the average rose by £200,000 from £1,520,807 to £1,710,714.
The average price of a semi-detached house in Fulham has risen back above £2 million and is now close to the all time record high of £2,093,000 reached two years ago.
The news was better for flat owners which saw a rise in price towards the end of the year to approach their all time high level.
The latest Land Registry figures show that in the last quarter of 2012, three semi-detached homes were sold - all in the SW6 6 postcode area, stretching west from the Munster Road area to the river - with an average price of £2,016,666.
This was up a massive 28.3% on the previous quarter when the average was £1,571,666.
The principal cause for the drop in the overall average however, was not prices but volume of sales, with terraced houses halving from 137 to 71, while lower priced flats and maisonettes rose from 185 in the previous quarter to 221.
This jump is almost all within the SW6 2 postal code area, where sales almost doubled from 56 to 102, mainly due to the popularity of discount rate apartments selling in the Chelsea Creek development on Imperial Road.
Despite these apartments being sold at below the market rate, flats and maisonettes also showed a modest price rise of 4.2% up from an average of £521,900 to £543,934.
And while prices may fluctuate in the shorter term, the longer term pictures shows the trend is ever upward, with the overall average price in SW6 rising by £70.1% over the last ten years.
London was the best performing part of England and Wales during 2012 with an increase of 8.4% The average price of a home in London is now £371,223 according to the Land Registry.
For England and Wales as a whole prices rose by 1.7% over the year to £162,080.
The most up-to-date figures available show that during October 2012, the number of completed house sales in England and Wales decreased by 3 per cent to 56,337 compared with 57,988 in October 2011.
The number of properties sold in England and Wales for over £1 million in October 2012 increased by 14 per cent to 623 from 548 in October 2011.
All regions saw a decrease in repossessions between October 2011 and October 2012 ranging from 8 per cent in the South East to 35 per cent in the North East.
A detail listing of properties sold recently in the area will be appearing in a forthcoming edition of the Fulham newsletter.
March 19, 2013