Yet Another All Time High for Fulham Property Prices

With the average price of a flat now over £600,000

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Fulham Property in the First Quarter of 2013

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Fulham property prices hit yet another all time high in the second quarter of 2013, though this time with just a small rise of 1.9% in the overall average, taking it to £931,820.

This compares with a much larger price hike of 28.2% in the previous quarter, when the overall average reached £914,533 - also an all time high.

This slowdown is largely due to change in the types of property changing hands, with greater activity at the lower end of the market dragging down the overall average.

In the first quarter, three semi-detached houses were sold with an average price of £2,733,333, but in the second, just one sale was recorded with a much lower price of £1,095,000.

By contrast, flat sales were much brisker, with the number changing hands jumping by 13.1% from 175 in the previous quarter to 198.

The average flat price also climbed by 7.5% from £574,071 to £617,005.

Sales of terraced houses were also strong, increasing from 101 to 116, while the average price showed a modest rise of 1.2% from £1,450,421 to £1,467,771.

Polly Ogden, local manager of agent Faron Sutaria, says that while the Fuham market is as strong as ever, houses priced under £2 million are selling particularly well.

She says: " Buyers are keen to avoid the additional stamp duty tax which applies over the £2 million threshold.  It is still possible to secure a five bedroom family home, with potential to convert the basement in the future, and avoid the additional 2% tax a higher purchase price would attract.

" There is a very real likelihood that by this time next year, there will be less opportunities to secure a home with this potential at this price level. The increased demand has seen almost every property sold through our Fulham office this year secure multiple bids from different buyers."

Fulham property

The June data from Land Registry's House Price Index shows that London saw a sharp rise in prices during the month up by 3.1% compared with May. It remains the best performing property market in England and Wales rising by 6.9% over the last year to £383,930.

For the country as a whole prices only rose by 0.8% over the year which takes the average property value in England and Wales to £162,621.

The most up-to-date figures available show that during April 2013, the number of completed house sales in England and Wales increased by 12 per cent to 48,367 compared with 43,252 in April 2012.

The number of properties sold in England and Wales for over £1 million in April 2013 increased by 45 per cent to 703 from 484 in April 2012.

The West Midlands was the only region to see an increase (8 per cent) in repossession sales between April 2012 and April 2013. The region with the greatest fall in the number of repossession sales was London where repossessions dropped by 37 per cent (April 2013 compared with April 2012).

A detail listing of properties sold recently in the area will be appearing in a forthcoming edition of the Fulham newsletter.

Fulham Property Prices (April - June 2013)
Area Semi-Det Sales Terraced Sales Flat/Mais Sales Total Ave Total Sales
SW6 1 - - 1,172,857 7 507,235 17 701,375 24
SW6 2 - - 1,356,632 16 754,601 56 888,385 72
SW6 3 - - 2,095,155 20 732,181 16 1,489,389 36
SW6 4 - - 1,651,053 19 637,207 22 1,107,038 41
SW6 5 - - 1,535,565 17 511,450 25 925,973 42
SW6 6 - - 1,254,817 16 569,567 38 772,604 54
SW6 7 1,095,000 1 994,786 21 463,463 24 719,752 46
Total 1,095,000 1 1,467,771 116 617,005 198 931,820 315
Change over quarter
-59.9%
-66.7%
1.2%
14.9%
7.5%
13.1%
1.9%
12.9%
Change over year
-
-
11.4%
9.4%
12.2%
3.1%
13.2%
5.7%
Change over three years
-
-
35.0%
8.4%
32.3%
11.9%
33.1%
10.9%
Change over five years
-
-
-
-
-
-
30.5%
-
Change over ten years
-
-
-
-
-
-
122.1%
-

 

Fulham Property Prices (January - March 2013)
Area Semi-Det Sales Terraced Sales Flat/Mais Sales Total
Ave
Total Sales
SW6 1 0 0 1187615 8 556083 12 808696 20
SW6 2 0 0 1637812 16 672268 64 865377 80
SW6 3 0 0 1754282 17 755245 12 1340887 29
SW6 4 0 0 1850541 12 451024 20 975843 32
SW6 5 0 0 1566096 14 515150 10 1128202 24
SW6 6 2733333 3 1165937 16 496870 32 838330 51
SW6 7 0 0 1009830 18 465178 25 693172 43
Total 2733333 3 1450421 101 574071 175 914533 279
Change over quarter 35.5% 0.0% 22.4% 42.3% 5.5% -20.8% 28.2% -5.4%
Change over year - - 22.8% 16.1% 25.5% -2.8% 31.9% 4.5%
Change over three years - 32.6% 2.0% 28.3% 30.6% 26.7% 19.7%
Change over five years - 45.4% 44.3% -0.1% 2.3% 31.2% 15.8%
Change over ten years - - - - - 118.0% -


August 30, 2013

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