Fulham's Property Prices Move Close to All-Time High
Sales of high priced flats drives up average to near record levels
The average price of a property in the SW6 post code area reached close to an all-time high in the third quarter of 2016, up 8.2% from £1,104,682 in the previous quarter to £1,162,304.
It has only been higher in the same three months of 2014 when a surge of interest in larger houses drove up prices.
In the most recent figures it appears that it is sales of luxury flats which appears to be driving up the average. The top end of the market remained slow, with only two semi-detached homes changing hands.
And while 48 terraced homes were sold - up 2.1% over the second quarter - the average price slipped by 4.3% to £1,691,571.
When it came to flats and maisonettes however, there was a substantial rise in both the number sold - up by 5.2% to 141 - and the average price, which rose by a huge 20.7% to reach £959,076.
While the average price rose in five of Fulham's seven postcode areas, the biggest jump was in SW6 2, where it rose from £797,801 in the previous quarter to £1,397,063. This area is home to upmarket developments Imperial Wharf, Fulham Riverside and Chelsea Creek, where the Land Registry records a number of sales in the development's Countess House and Chelsea Creek Tower, with prices starting at £850,000 and rising to over £6 million.
The Land Registry’s House Price Index is showing that the average price of a home sold in London in August was £488,908 which is up 12.1% over the same month last year. For the UK as a whole the index shows and average price of £218,964 up by 8.4% compared to the previous year.
The short term indications for the market appear to be positive. Mortgage approvals for house purchases rose to a three-month high in September according to the Bank of England, and RICS, the surveyors’ industry group, have reported that buyer inquiries were the highest since February. They say this indicates that market activity is recovering after a quieter period earlier in the year due to uncertainty over the referendum.
A detailed listing of properties sold recently in the area will be appearing in a forthcoming edition of the Fulham newsletter.
Fulham Property Prices (July - September 2016) |
||||||||
|---|---|---|---|---|---|---|---|---|
Area |
Semi-det |
Sales |
Terraced |
Sales |
Flat/ mais |
Sales |
Overall ave |
Total sales |
| SW6 1 | 0 | 0 | 1365000 | 1 | 763074 | 11 | 813235 | 12 |
| SW6 2 | 0 | 0 | 1669167 | 6 | 1397063 | 42 | 1431076 | 48 |
| SW6 3 | 0 | 0 | 1696667 | 6 | 1033529 | 17 | 1206522 | 23 |
| SW6 4 | 0 | 0 | 2140658 | 12 | 694722 | 9 | 1520971 | 21 |
| SW6 5 | 0 | 0 | 1786250 | 4 | 690675 | 11 | 982828 | 15 |
| SW6 6 | 2787500 | 2 | 1380625 | 8 | 772855 | 29 | 1000841 | 39 |
| SW6 7 | 0 | 0 | 1432500 | 11 | 651205 | 22 | 911636 | 33 |
| Total | 2787500 | 2 | 1691571 | 48 | 959076 | 141 | 1162304 | 191 |
| Change over quarter | -4.3% | 2.1% | 20.7% | 5.2% | 8.2% | 3.8% | ||
| Change over year | -1.6% | -46.7% | 18.0% | -35.0% | 5.5% | -38.4% | ||
| Change over three years | 7.9% | -64.7% | 53.0% | -48.0% | 19.9% | -54.0% | ||
| Change over five years | 43.9% | -65.0% | 104.6% | -28.8% | 50.9% | -43.8% | ||
| Change over ten years | 119.1% | -78.1% | 154.5% | -52.7% | 107.2% | -64.0% | ||
February 24, 2017
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