A recent article from Zoopla showed that Fulham’s average property prices are down 7.5% within the last 6 months and that, currently, it has the third most reduced properties on the market out of all London boroughs – 37.4% – behind only Kensington & Chelsea, and Westminster.
While this news is unfavourable for those who are looking to sell, it’s good news for those who are looking to buy. With average property prices in Fulham having declined so much, hopeful purchasers who previously would have been priced out are finding that buying in SW6 is now achievable.
Since Fulham’s prices have fallen earlier and by more than most neighbouring areas, it is a comparatively better place to buy right now. Buyers who would traditionally look to buy a house or flat in in Wandsworth or Clapham, where prices haven’t fallen by as much, are likely to find a better deal buying in Fulham. While Fulham has probably come down as much as it is likely to, most other areas are still on their way down – but will soon catch up.
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Why does Fulham fluctuate so much?
Fulham behaves similarly to prime central London in that it is very susceptible to market changes and often reacts more visibly than other London areas. Because of this, market shifts in Fulham can often point to impending wider property market changes across London.
In July 2008, in a post-Lehman’s collapse era, the average property price in Fulham was a mere £787,351.
Fulham’s market has increased in value generally at a steady rate over the past 10 years, but experienced an accelerated spike between 2012 – 2014. Summer of 2014 saw London’s overall property prices boom to around 30% above their pre-financial crisis level.
Fulham, in particular, experienced exponential growth in this period. Average property prices increased by almost 50% from their previous levels and reached their all-time peak of £1353,964.
However two years later in July 2016, in wake of the Brexit vote, Fulham’s market experienced significant losses and fell by almost 20%, taking the average to just over £1m.
As a location that’s traditionally popular with European bankers, the Brexit result cannot be ignored as a contributor to the 2016 dip, while the ongoing current uncertainty continues to have a huge impact on Fulham’s current market.
Statistics sourced from Rightmove, Zoopla, Homes & Property.