|All Time Highs All Round for Fulham Property Prices|
SW6 average rises above £900,000 for the first time
Fulham property prices are continuing to surge upwards in 2013, with the average rising above £900,000 for the first time to hit an all time high of £914,533.
This rise in the first three months of the year meant the average was up by a huge 28% on the last quarter of 2012, which saw it slump to £713,312.
The spectacular jump in the average price may partly be explained by the change in the balance of properties changing hands. In the first quarter, the number of flats being sold dropped from 221 in the last quarter of 2012 to 175, while the number of house rose from 74 to 104.
It is houses at the top end of the market which are experiencing the strongest growth, with the average price of semi-detached houses soaring by 35.5% from £2,016,666 to £2,733,333 - though only three of these houses were sold during the period.
The price of terraced houses generally also rose by 22.4% from £1,185,462 in the previous quarter to £1,460,421.
Flats showed a more modest rise of 5.5% but this was enough to achieve yet another all time high, with the average rising from £543,934 to £574,071.
Local estate agents say they expect this upward trend to continue during the coming year - partly because SW6 is attracting more buyers than sellers. Alex Mile of Lawson Rutter says:
"Our Lawson Rutter offices have agreed sales at record levels for houses in both these areas with Crabtree houses coming close to the million pound mark for the first time.
Adds Ed Mead of Douglas and Gordon: " Given that we sold more properties than were taken on in April, stock levels continue to go down and are predicted to fall further. As buyer numbers remain steady it seems inevitable there’ll be on-going upward pressure on prices."
Looking at the wider picture, the March data from Land Registry's House Price Index shows that London remains the best performing property market in England and Wales. The average price of a home in the capital rose by 9.6% over the year to £374,568.
For the country as a whole prices only rose by 0.% which takes the average property value in England and Wales to £161,793. London has seen a rise in repossessions which were up by 28% in January 2013 compared with the same month in 2012.
A detail listing of properties sold recently in the area will be appearing in a forthcoming edition of the Fulham newsletter.
May 24, 2013