Yet Another All Time High for Fulham Property Prices

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With the average price of a flat now over £600,000

Fulham property prices hit yet another all time high in the second quarter of 2013, though this time with just a small rise of 1.9% in the overall average, taking it to £931,820.

This compares with a much larger price hike of 28.2% in the previous quarter, when the overall average reached £914,533 - also an all time high.

This slowdown is largely due to change in the types of property changing hands, with greater activity at the lower end of the market dragging down the overall average.

In the first quarter, three semi-detached houses were sold with an average price of £2,733,333, but in the second, just one sale was recorded with a much lower price of £1,095,000.

By contrast, flat sales were much brisker, with the number changing hands jumping by 13.1% from 175 in the previous quarter to 198.

The average flat price also climbed by 7.5% from £574,071 to £617,005.

Sales of terraced houses were also strong, increasing from 101 to 116, while the average price showed a modest rise of 1.2% from £1,450,421 to £1,467,771.

Polly Ogden, local manager of agent Faron Sutaria, says that while the Fuham market is as strong as ever, houses priced under £2 million are selling particularly well.

She says: " Buyers are keen to avoid the additional stamp duty tax which applies over the £2 million threshold.  It is still possible to secure a five bedroom family home, with potential to convert the basement in the future, and avoid the additional 2% tax a higher purchase price would attract.

" There is a very real likelihood that by this time next year, there will be less opportunities to secure a home with this potential at this price level. The increased demand has seen almost every property sold through our Fulham office this year secure multiple bids from different buyers."

The June data from Land Registry's House Price Index shows that London saw a sharp rise in prices during the month up by 3.1% compared with May. It remains the best performing property market in England and Wales rising by 6.9% over the last year to £383,930.

For the country as a whole prices only rose by 0.8% over the year which takes the average property value in England and Wales to £162,621.

The most up-to-date figures available show that during April 2013, the number of completed house sales in England and Wales increased by 12 per cent to 48,367 compared with 43,252 in April 2012.

The number of properties sold in England and Wales for over £1 million in April 2013 increased by 45 per cent to 703 from 484 in April 2012.

The West Midlands was the only region to see an increase (8 per cent) in repossession sales between April 2012 and April 2013. The region with the greatest fall in the number of repossession sales was London where repossessions dropped by 37 per cent (April 2013 compared with April 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 (April - June 2013)
Area	Semi-Det	Sales	Terraced	Sales	Flat/Mais	Sales	Total Ave	Total Sales
SW6 1	-	-	1,172,857	7	507,235	17	701,375	24
SW6 2	-	-	1,356,632	16	754,601	56	888,385	72
SW6 3	-	-	2,095,155	20	732,181	16	1,489,389	36
SW6 4	-	-	1,651,053	19	637,207	22	1,107,038	41
SW6 5	-	-	1,535,565	17	511,450	25	925,973	42
SW6 6	-	-	1,254,817	16	569,567	38	772,604	54
SW6 7	1,095,000	1	994,786	21	463,463	24	719,752	46
Total	1,095,000	1	1,467,771	116	617,005	198	931,820	315
Change over quarter	-59.9%	-66.7%	1.2%	14.9%	7.5%	13.1%	1.9%	12.9%
Change over year	-	-	11.4%	9.4%	12.2%	3.1%	13.2%	5.7%
Change over three years	-	-	35.0%	8.4%	32.3%	11.9%	33.1%	10.9%
Change over five years	-	-	-	-	-	-	30.5%	-
Change over ten years	-	-	-	-	-	-	122.1%	-

 

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%	-

August 30, 2013