Sharp Drop for Fulham Property Prices

SW6 prices retreat from record high but flats outperform

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Fulham Property in the Third Quarter of 2012

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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.

Fulham property

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.

Fulham Property Prices (October - December 2012)
Area Semi-Det Sales Terraced Sales Flat/Mais Sales Total Ave Total Sales
SW6 1 0 0 0 0 447687 24 447687 24
SW6 2 0 0 1099772 9 575759 106 616769 115
SW6 3 0 0 1586277 9 925667 12 1208786 21
SW6 4 0 0 1101409 11 489076 26 671121 37
SW6 5 0 0 1710714 7 499566 15 884931 22
SW6 6 2016666 3 1046729 17 472136 22 815033 42
SW6 7 0 0 1006028 18 420621 16 730542 34
Total 2016666 3 1185462 71 543934 221 713312 295
Change over quarter 28.3% 0.0% -12.9% -48.2% 4.2% 19.5% -19.4% -9.2%
Change over year - - 4.4% -33.0% 20.2% 16.9% 2.2% 0.0%
Change over three years 39.2% -50.0% 25.5% -40.8% 24.5% 48.3% 4.8% 7.3%
Change over five years - - - - - - 3.9% -
Change over ten years - - - - - - 70.1% -

 

Fulham Property Prices (July - September 2012)
Area Semi-Det Sales Terraced Sales Flat/Mais Sales Total Averages Total Sales
SW6 1 0 0 1019442 7 440681 22 580382 29
SW6 2 0 0 1296722 18 612623 52 788534 70
SW6 3 0 0 1815383 27 577763 11 1457125 38
SW6 4 0 0 1513224 17 558324 16 1050242 33
SW6 5 0 0 1510807 21 458223 26 928526 47
SW6 6 1571666 3 1131770 17 544226 32 795583 52
SW6 7 0 0 1008471 30 399326 26 725654 56
Total 1571666 3 1360864 137 521900 185 885246 325
Change over quarter - - 3.3% 29.2% -5.1% -3.6% 7.5% 9.1%
Change over year - - 15.7% 0.0% 11.3% -6.6% 14.9% -4.4%
Change over three years 42.4% 0.0% 35.7% 3.8% 26.1% 34.1% 25.4% 19.0%
Change over five years 31.0% -
Change over ten years 108.4% -

 

 

 


March 19, 2013

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