Fulham Property Prices Reach New Record

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Both houses and flats leap by up to 20%

The average property price in Fulham has hit a new all time high, soaring above £800,000 for the first time.

The latest Land Registry figures show in the second quarter of 2012, the average rose by nearly one fifth - 18.8% to be precise - from the previous three months, up from £693,217 to reach £823,345.

The average is also up 4.3% on the previous all time high, which was £789,335, reached in the same quarter last year.

Even more astonishingly, this rise was achieved without any detached or semi-detached homes changing hands during the period.

The statistics show that prices rose in all sections of the market, with flats and maisonettes jumping by a huge 20.3% to break through the half million mark, from £457,407 to £550,114.

The average price of terraced houses across Fulham was up by 11.6% from £1,181,100 to £1,317,971, and was above one million pounds in six of SW6's seven postcode areas. Only one area - SW6 2, south of Kings Road - had a six figure average of £934,291.

In this spring quarter, traditionally the busiest for estate agents, the volume of sales also rose by 11.6%, from 267 to 298.

Alex Maile of agents Lawson Rutter in Fulham says that one reason for these soaring price levels is that there are simply more buyers than sellers. " One area where we are seeing a lack of supply and a surplus of demand is for family houses," he says. " Prices are now well above 2007 levels and in some cases such as the Crabtree Estate, Bishops Park or off the Munster Road, 10%-15% in excess of 2007 levels.

" It is interesting to note that about a third of sellers in these areas are investors taking a view that prices levels in 2012 are perhaps as good as they are likely to get in the midterm and now is the time to try and maximise the return on their asset.

" Also interesting is that the buyers snapping up these houses are taking a similarly pragmatic approach – the first being I need a home for my family near to the school, work, friends etc and secondly as I’m likely to be in this house for the next seven to ten years price levels to a certain degree are largely irrelevant."

For England and Wales as a whole meanwhile the House Price Index shows an annual price increase of 0.9% which takes the average property value in England and Wales to £161,777.

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

Fulham Property Prices - January - March 2012
Area	Terraced	Sales	Flat/Mais	Sales	Total Averages	Total Sales
SW6 1	1444166	6	466499	17	721543	23
SW6 2	934291	12	656294	61	701992	73
SW6 3	1834823	17	605046	15	1258365	32
SW6 4	1266229	22	531775	21	907542	43
SW6 5	1679630	13	522140	22	952065	35
SW6 6	1136765	18	503517	32	731486	50
SW6 7	1026805	18	408956	24	673748	42
Total	1317971	106	550114	192	823245	298
Change over quarter	11.6%	21.8%	20.3%	6.7%	18.8%	11.6%
Change over year	9.1%	-3.6%	7.7%	2.1%	4.3%	-1.7%
Change over three years	70.5%	43.2%	34.2%	102.1%	44.8%	70.3%
Change over five years	-	-	-	-	34.0%	-
Change over ten years	-	-	-	-	89.5%	-

 

Fulham Property Prices - January - March 2012
Area	Terraced	Sales	Flat/Mais	Sales	Total Averages	Total Sales
SW6 1	806166	6	421344	19	513701	25
SW6 2	1011375	14	463177	62	564161	76
SW6 3	1639384	17	655000	6	1382588	23
SW6 4	1336950	10	412466	22	701367	32
SW6 5	1527250	10	429214	10	978232	20
SW6 6	1013871	16	513319	34	673496	50
SW6 7	787571	14	402275	27	533839	41
Total	1181100	87	457407	180	693217	267
Change over quarter	4.0%	-17.9%	1.1%	-4.8%	-0.7%	-9.5%
Change over year	-5.1%	-13.0%	8.0%	16.9%	-10.3%	3.1%
Change over three years	25.9%	97.7%	-6.3%	350.0%	-4.2%	217.9%
Change over five years	-	-	-	-	20.1%	-
Change over ten years	-	-	-	-	87.2%	-

 

August 17, 2012