In January of this year, the Financial Times called Fulham ‘ground zero of London’s slowing property market’, citing examples of great properties that have been on the market for over a year, with several price reductions, yet have still failed to sell.
To establish whether these examples were still commonplace in Fulham in this current market, we analysed Fulham property data provided by Rightmove.
Our findings show the tender state of Fulham’s property market right now…
From October 1st 2017 – October 1st 2018:
The average time on market for properties in Fulham was a staggering 247 days.
Only 16.4% of all properties marketed resulted in an agreed sale.
4,420 Properties were marketed.
727 sales agreed
Data also indicates that the problems in Fulham’s property market are felt by even the most established and historically successful market leaders. The average time of properties marketed by five of the leading high street agents for sale in Fulham was 208 days.
What’s the impact of these figures?
Buyers can easily see that a home has been marketed for months since aggregating sites advertise time on market (and any price reductions too). This gives homes a sense of failure – compounding the pains of a difficult market.
Buyers come to expect further price reductions through the assumption that sellers must be getting desperate.
Many sellers decide to take their home off the market completely, aiming to try again when the market settles. But of course, that inability to sell is now on record, and can have an effect in the future too.
So is there anything that can be done?
It’s no surprise that more and more sellers are realising that the open market isn’t working. But until recently it was the only option for almost everyone, since selling off-market was only available to the uber-wealthy.
Invisible Homes has changed that by bringing off-market selling to everyone. Of the 10 exclusive homes new to our site in October, 60% of them are priced under £1m. And with 1,400 Fulham buyers registered, selling off-market no longer means selling to a restricted market.
When you sell off-market, buyers aren’t able to see how long your home has been listed, ensuring that it’s judged on its own merit, rather than time-on-market. Your sale is between you, Invisible Homes, and the motivated buyers who are looking. It’s nobody else’s business.
Your home is marketed by experienced local agents from start to finish, and since there are no expensive offices, the fee is only 0.5% +vat.
To find out more, visit us at invisiblehomes.co.uk
* Data displayed is sourced from Rightmove Plus and is indicative of all properties marketed in SW6 between October 1st 2017 and October 1st 2018.