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W3 property prices appear to be reaching new highs
According to the latest Land Registry figures Acton property prices look to be moving into uncharted territory so far in 2011.
The average price of a property sold so far this year is £398,618. This is higher than the average for the third quarter of 2010 which was a record at £366,403.
During the fourth quarter the level did fall slightly but it could be that the underlying trend remained strong because a surge in sales of lower priced units at Bromyard House reduced the overall average.
London property prices are up by 3.2% in February compared to last year. Prices were down marginally on the previous month. This is still highest level in the country with the North East seeing prices fall by 7.1% in the same period. Nationally prices fell by 1.7% in February 2011 compared with February 2010.
This brings the average property price to £341,048, in comparison to the figure for England and Wales, which is £162,215.
Longer term London has also significantly outperformed the rest of the country according to the Nationwide House Price Index, with prices up 17% over the last five years. This compares to a modest 1.3% increase across the UK as a whole. Over the same period, the North was the worst performing region, with prices down 7.8%.
Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said, “Demand for homes has levelled out, supported by historically low interest rates and some stabilisation in the labour market. The continued uncertain outlook for the economy is likely to keep many potential buyers on the sidelines for some time yet. “Nevertheless, there are few signs of a glut of unsold homes building up on the market. Sellers remain reluctant to accept lower prices to secure a sale. In fact there are tentative signs that the volume of homes coming onto the market is slowing.”
The latest reported sales are given in the table below.
The numbers below are subject to revision as is it usual that some properties are added late to the Land Registry's database.
A regular market review of the local property scene appears on the site. You can click here for the latest update and analysis.
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Properties Sold in Acton W3 - January 2011
Previous Property Sales in Acton
June 15, 2011