|Yet Another All Time High for Fulham Property Prices|
With the average price of a flat now over £600,000
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.
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.
August 30, 2013