|Acton Property Sales - March 2012|
Slow flat sales and good demand for houses boost average to record levels
The average sale price of an Acton property has risen to over £400,000 since the beginning of March according to the latest official data.
There have been 54 sales reported to the Land Registry in that time at an average price of £411,505. The quarterly peak for local prices was in the third quarter of 2010 when sales averaged £366,000.
One reason for the rise in the average seems to be the relatively small number of flat sales. Despite a number of big developments still having many unsold units demand seems to be very slack. Houses on the other hand seem to be changing hands at a much more rapid pace. The rise in the average may therefore be more reflective of a change in buying patterns than an underlying increase in prices.
The most expensive property went for £1,150,000 in Hale Gardens.
Paul Connolly - Managing Director at Orchards of London says: "We have noticed that prime Acton properties are in short supply so once on our books, they go fast.
'' We have recently sold several properties over £1m in areas such as Creffield Road, Twyford Avenue, Birch Grove, Hale Gardens and Rosemont Road which goes to show that the right property within commuting distance of the capital will sell despite the economic downturn."
Meanwhile, Michael J Diggins from Northfields Estate Agents says the market in W3 is busy for both houses and flats:
''In recent months all types of properties are selling and renting alike. There is no sign of the market slowing down whatsoever and demand is still very strong.
''Acton offers good transport links to central London and with Westfield shopping centre only a short bus ride away.''
The March data from Land Registry's flagship House Price Index shows an annual price decrease of 0.6% which takes the average property value in England and Wales to £160,372. London remains the best performing area in the country with prices rising by 0.7% to £343,522 over the same period although it is down on the previous month.
The most up-to-date figures available show that, during January 2012, the number of completed house sales in England and Wales increased by 13% to 42,511 compared to 37,584 in January 2011.
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.
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.
October 31, 2012