|Average Property Price in Fulham Now Over One Million Pounds|
With terraced houses in Parsons Green and Hurlingham averaging over two million
The average property price in Fulham leapt above the million pound mark for the first time during the first quarter of 2014.
The average soared by 20.4% from £894, 976 between October and December 2013 to hit an all time high of £1,035,607 in this quarter.
The main reason for this huge jump in the average is the changing balance of properties being sold and the popularity of terraced houses in SW6. In the last three months of 2013, an overall total of 320 properties were sold, comprising 225 flats, 85 terraced houses, eight semi-detached and two detached homes.
This time round, in the traditionally quiet months of winter, there were 300 sales, made up of one detached and seven semi-detached houses, 191 flats and 101 terraced houses.
And while flat prices have remained stable, with the average showing only a small rise of 1.4% from £625,828 to £646,795, terraced houses have risen by 16.9% from £1,380,745 to £1,614,349.
The average price of a terraced house is now well over a million in every area of Fulham except for the postcode area SW6 3 - the Parsons Green and Hurlingham areas between Kings Road and the river, where the average price among 25 terraced houses, has reached £2,090,253.
And while only seven semi-detached houses changed hands, the average price was up by an astonishing 39.8% to reach £2,856,421.
Local estate agent Allan Fuller says this report confirms what he sees in his office on a daily basis." Fulham is one of the most sought after locations because we have a wide selection of superb property and due to our excellent communications and proximity to the centre of London," he says.
"Any commodity in a free market will find its true level, property is no different, supply and demand creates the value, after such a meteoritic rise it is inevitable that we will see the rate of values rising slow down somewhat.
Over the last twelve months London as a whole has seen a rise in average values of 12.4% making it the strongest performing area in the country. The average house in the capital now costs £414,490.
For England and Wales as a whole, Land Registry figures show that the average prices is up by 5.6% over the last year to £ 169,124 although they are down compared with February.
Repossession volumes decreased by 31 per cent in January 2014 to 979 compared with 1,420 in January 2013.
The most up-to-date figures available show that during January 2014 the number of completed house sales in England & Wales increased by 46 per cent to 63,123 compared with 43,373 in January 2013.
The number of properties sold in England and Wales for over £1 million in January 2014 increased by 61 per cent to 1,011 from 628 in January 2013.
A detailed listing of properties sold recently in the area will be appearing in a forthcoming edition of the Fulham newsletter.
June 2, 2014