|Mystery Over Acton House Price 'Record'|
Land Registry records sale on Shaa Road at a price of over six million pounds
A new record has been set for a price paid for a residential property in Acton after a house on Shaa Road was sold for £6,200,000 according to the Land Registry.
However, there is some confusion about the sale which was transacted late last year as the price is way above levels seen previously on the road. One local estate agent believes that a number of acquisions by the same family have been lumped into a single transaction by the Land Registry. Other residents at the road have said it is possible the price includes other properties at the rear.
The 10 bedroom semi-detached house has its own private driveway in front of over 4,000 sqft of accommodation set over three floors. The property includes a 48 ft open plan lounge/dining area with patio doors leading out on to a 70ft garden, ten bedrooms, six bathrooms and one additional reception room.
The property next door was reported as being sold the following day for £2,000,000.
The previous highest price recorded in the W3 post code area wa £3,450,000 for a home in Twyford Crescent.
The apparently record breaking sale in Acton comes as the December 2018 UK Residential Market Survey from surveyors’ group the RICS showed the worst conditions since they started publishing the report 20 years ago.
Key activity indicators continued to slip in December with sales volumes dwindling, and enquire, agreed sales and new instructions all down. New instructions remain in negative territory and have now declined in 19 of previous 24 months. Sales expectations point to a further decline over the next few months.
Over the next three months sales expectations are now either flat or negative across the UK. The headline net balance of -28% represents the poorest reading since the series was formed in 1999. The twelve-month outlook is a little more upbeat, suggesting that some of the near-term pessimism is linked to the lack of clarity around what form of departure the UK might make from the EU in March.
Stock levels on estate agents books remain close to record lows, currently standing at an average of just 42 properties per branch. Furthermore, supply issues also remain evident in the lettings market, as landlord instructions also declined once again, rounding off a year in which they have fallen in all twelve months.
Simon Rubinsohn, RICS Chief Economist, said, It is hardly a surprise with ongoing uncertainty about the path to Brexit dominating the news agenda, that even allowing for the normal patterns around the Christmas holidays, buyer interest in purchasing property in December was subdued. This is also very clearly reflected in a worsening trend in near term sales expectations. Looking a little further out, there is some comfort provided by the suggestion that transactions nationally should stabilise as some of the fog lifts, but that moment feels a way off for many respondents to the survey.
“Meanwhile it is hard to see developers stepping up the supply pipeline in this environment. Getting to the government's 300,000 building target was never going to be easy but pushing up to anywhere near this figure will require significantly greater input from other delivery channels including local authorities taking advantage of their new-found freedom.”
For the country as a whole house price growth according to the Nationwide House Price Index has slowed to just 0.5% in 2018, down from 2.6% in 2017. London has seen a decline in prices over the year with the average price declining by 0.7% to £466,988.
Robert Gardner, Nationwide's Chief Economist, said, “The economic outlook is unusually uncertain. However, if the economy continues to grow at a modest pace, with the unemployment rate and borrowing costs remaining close to current levels, we would expect UK house prices to rise at a low single-digit pace in 2019."
The Bank of England published figures showing a slump in mortgage approvals in November. Loan approvals for new house purchases dropped almost 5% to 63,728 — the lowest for seven months.
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January 21, 2019