|Property Bargains to be had in Acton ?|
Return of the sub-£100,000 home to W3
The latest figures from the Land Registry show properties in the area are starting to change hands at under £100,000 for the first time in several years.
A flat on Victoria Road was sold for £80,000 in July, the lowest price in the W3 post code area since 1996. Another property in Horn Lane was sold for £95,000 in June.
Overall, the figures suggest a more positive picture for local property. In the latter part of 2008 and early 2009 volume levels were consistently hitting new all time lows leading to some agents shutting up shop or switching their local office to lettings only.
The more recent numbers show a welcome recovery with the number of transactions in the second quarter up by 135% compared to the previous three months. This is still below half the level seen a few years ago and with fewer than one property a day changing hands in the W3 area, pickings remain slim for the local agents that remain. Further retrenchment remains a possibility.
The headline average price remains stable down by 9.3% over the last 12 months but this has been supported by house sales increasing more rapidly than flats. Developers have been taking some of their new schemes off the market after poor sales in the hope of finding tenants for them. Flat prices are down by 11.2% over the last year. The average property in Acton now costs £322,735.
The figures for England and Wales as a whole show a modest improvement in the monthly change in house prices. The June increase of 0.1 per cent is the first time the monthly change has been positive since January 2008. The annual drop of 14 per cent took the average house price to £153,046.
London experienced the greatest monthly rise with a movement of 2 per cent, making it the region with the greatest monthly change and an average property value of £301,859.
All regions in England and Wales experienced a decrease in their average property values over the last 12 months.
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.
Properties Sold in Acton W3 - June 2009
November 10, 2009