All Time Highs All Round for Fulham Property Prices

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SW6 average rises above £900,000 for the first time

Fulham property prices are continuing to surge upwards in 2013, with the average rising above £900,000 for the first time to hit an all time high of £914,533.

This rise in the first three months of the year meant the average was up by a huge 28% on the last quarter of 2012, which saw it slump to £713,312.

It was also up 31.9% compared with the same period last year, and up 118% over the last ten years.

The spectacular jump in the average price may partly be explained by the change in the balance of properties changing hands. In the first quarter, the number of flats being sold dropped from 221 in the last quarter of 2012 to 175, while the number of house rose from 74 to 104.

It is houses at the top end of the market which are experiencing the strongest growth, with the average price of semi-detached houses soaring by 35.5% from £2,016,666 to £2,733,333 - though only three of these houses were sold during the period.

Meanwhile terraced houses were changing hands fast, with 101 being sold, including a house in Chipstead Street in Parsons Green fetching £3,800,000 to become Fulham's all time most expensive terraced house and the ninth most expensive property of any kind.

The price of terraced houses generally also rose by 22.4% from £1,185,462 in the previous quarter to £1,460,421.

Flats showed a more modest rise of 5.5% but this was enough to achieve yet another all time high, with the average rising from £543,934 to £574,071.

Local estate agents say they expect this upward trend to continue during the coming year - partly because SW6 is attracting more buyers than sellers. Alex Mile of Lawson Rutter says:
" The main area of issue for prospective house purchasers is low stock levels, particularly for good quality family houses where prices are now significantly higher than the 'peak' of 2007  and in some cases such as the Crabtree Estate and Bishops Park areas they are as much as 25% - 30% higher than 2007 levels.

"Our Lawson Rutter offices have agreed sales at record levels for houses in both these areas with Crabtree houses coming close to the million pound mark for the first time.

"The buyers snapping up these houses are taking a 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 10 years price levels to a certain degree are largely irrelevant."

Adds Ed Mead of Douglas and Gordon: " Given that we sold more properties than were taken on in April, stock levels continue to go down and are predicted to fall further. As buyer numbers remain steady it seems inevitable there’ll be on-going upward pressure on prices."

Looking at the wider picture, the March data from Land Registry's House Price Index shows that London remains the best performing property market in England and Wales. The average price of a home in the capital rose by 9.6% over the year to £374,568.

For the country as a whole prices only rose by 0.% which takes the average property value in England and Wales to £161,793. London has seen a rise in repossessions which were up by 28% in January 2013 compared with the same month in 2012.

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 2013)
Area	Semi-Det	Sales	Terraced	Sales	Flat/Mais	Sales	Total Ave	Total Sales
SW6 1	0	0	1187615	8	556083	12	808696	20
SW6 2	0	0	1637812	16	672268	64	865377	80
SW6 3	0	0	1754282	17	755245	12	1340887	29
SW6 4	0	0	1850541	12	451024	20	975843	32
SW6 5	0	0	1566096	14	515150	10	1128202	24
SW6 6	2733333	3	1165937	16	496870	32	838330	51
SW6 7	0	0	1009830	18	465178	25	693172	43
Total	2733333	3	1450421	101	574071	175	914533	279
Change over quarter	35.5%	0.0%	22.4%	42.3%	5.5%	-20.8%	28.2%	-5.4%
Change over year	-	-	22.8%	16.1%	25.5%	-2.8%	31.9%	4.5%
Change over three years		-	32.6%	2.0%	28.3%	30.6%	26.7%	19.7%
Change over five years		-	45.4%	44.3%	-0.1%	2.3%	31.2%	15.8%
Change over ten years		-	-	-	-	-	118.0%	-

 

Fulham Property Prices (October - December 2012)
Area	Semi-Det	Sales	Terraced	Sales	Flat/Mais	Sales	Total Ave	Total Sales
SW6 1	0	0	0	0	447687	24	447687	24
SW6 2	0	0	1099772	9	575759	106	616769	115
SW6 3	0	0	1586277	9	925667	12	1208786	21
SW6 4	0	0	1101409	11	489076	26	671121	37
SW6 5	0	0	1710714	7	499566	15	884931	22
SW6 6	2016666	3	1046729	17	472136	22	815033	42
SW6 7	0	0	1006028	18	420621	16	730542	34
Total	2016666	3	1185462	71	543934	221	713312	295
Change over quarter	28.3%	0.0%	-12.9%	-48.2%	4.2%	19.5%	-19.4%	-9.2%
Change over year	-	-	4.4%	-33.0%	20.2%	16.9%	2.2%	0.0%
Change over three years	39.2%	-50.0%	25.5%	-40.8%	24.5%	48.3%	4.8%	7.3%
Change over five years	-	-	-	-	-	-	3.9%	-
Change over ten years	-	-	-	-	-	-	70.1%	-

 

 

 

 

May 24, 2013