|Still No Evidence of Acton Property Crash|
Is the Council propping up local house prices?
Acton's property market appears to be remaining stable despite the UK officially dipping into recession and house prices at a national level consistently declining.
Although the number of transactions in the local area remain very low the average reported so far in the fourth quarter of 2008 is £359,011. November's average was slightly higher than that seen in October even if you include the sale of a property in Rosemont Road for over £1,000,000.
This is actually above the average level achieved in the third quarter which was £331,400. Although the volume of properties changing hands currently makes it difficult to conclude that the market is actually rising, there is nothing in the latest numbers to suggest that there is a severe slump.
There doesn't appear to be any generally accepted explanation as to why property in the area appears to be holding up relatively well. Some observers such as Craig Murray, former UK Ambassador to Uzbekistan, believe that the market is being distorted by the Council and other housing agencies bidding up the rental market for social housing tenants. The recent case of a family being housed in a seven bedroom house in Acton worth over a million highlighted the level of rents available to landlords operating in this sector.
If you are thinking of selling or buying in the area - tell your estate agent you use ActonW3.com. The site offers the only exclusive coverage of the local property market available anywhere.
A regular market review of the local property scene appears on the site. You can click here for the latest update and analysis.
If your agent is claiming to be marketing your property effectively and it doesn't appear on ActonW3.com it may be time to choose a new agent.
May 18, 2009