Less than one property a day changes hands
The latest figures from the Land Registry show that the
property market in Fulham was at a standsill in the first quarter of this year.
Only 84 properties were sold in the 90 days between
January and March - down by two thirds from the total
of 241 which changed hands in the same period last year, when the market was still buzzing.
Just as worrying for SW6 estate agents, sales so far this
year were also lower than in the previous three months, from October to December 08, when 107 transactions took place.
Sales of flats have taken the biggest plunge - from 171 changing hands in January to March 08, just 40 were sold in the same period this year. And again, this was also a much lower figure than was achieved in the autumn, when 67 flats found new owners.
Sales of houses however have experienced less dramatic falls, and have started to show some recovery this year. The figures show 44 terraced houses were sold between January and March, down from 70 in the same period last year, but up slightly on the figure of 40 house sales between October and December.
One glimmer of hope for local estate agents is that prices are clearly beginning to recover, after falling steadily in 2008.
Between January and March 2008, the average price of a terraced house in Fulham was just under the million mark, at £997, 411.
By the end of last year this had slipped by 20% to just £794,228. But in the first quarter of this year, the average had shot up again to £938,023.
The average price of flats has also shown a rise to £488.365, up on the previous quarter's average of £434,354 though still lower than the average of £574, 394 of a year ago.
However a closer look at the numbers shows that this figure is distorted by the sky-high prices of luxury flats in upmarket developments such as Imperial Wharf, which raised the average price of flats in one area of Fulham to the seven figure sum of £1,035,562.
Prices of flats in other areas, by contrast have continued to fall.
The "posh development" effect also distorts the overall average price. Between January and March 2008, the average price was £697,262.
Between October and December last year, it had fallen to £568,886.
Now in January to March this year, it has zoomed up to £723,900 which looks on the face of it a healthy rise. However, with less properties changing hands, much of this can be down to a few sales at Imperial Wharf, where the latest three bedroom duplex penthouse went on the market with an astonishing sale price of £5.5 million!
May 21, 2009
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