Acton property market grinds to a halt

Agents could face closure as volumes halve

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Prices of all property sales in the Acton area for the last quarter

Acton estate agent convicted of deception

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The year could be a miserable on for local estate agents as new figures show that the number of propertes changing hands in the local area is falling rapidly.

The latest set of fnumbers from the Land Registry show that home sales in the W3 area fell by over 50% compared to the same time last year.

With only 146 properties changing hands in a three month period the market is as quiet as it was during the period of uncertainty following the September 11th attack on the World Trade Centre. The rest of the country also saw a fall in volumes but not to the same extent as Acton.

The news on prices was somewhat better. The figures show that the average price of a Acton property is now £262,777. Acton prices are up by 14.5% over the last year compared to a 6.2% rise for London and a 11.8% national increase.

Stephen Rodgers of local property finance specialist Berkeley Consultants commented, "Although we are experiencing typical down valuations within the remortgage market, purchased property does not seem to be having the same problem. This would suggest to me that agents are valuing accurately at the moment."

Property Prices in Acton Oct - Dec 2004

Oct - Dec 04   Detached   Semi-Detached   Terraced   Flat/Maisonette   Overall
>
Region/Area
Av Price £ Sales Av Price £ Sales Av Price £ Sales Av Price £ Sales Av Price £ Sales
W3 0
0 0
330325
6
329462
9
223300
5
303180
20
W3 6
0 0
364992
7
252714
7
195539
19
243611
33
W3 7
0 0
288125
4
338416
6
200253
25
233980
35
W3 8
0 0
0
0
298437
8
212108
23
234386
31
W3 9
0 0
466713
7
401581
6
223634
14
326198
27
Overall - - 373183 24 321157 36 207528 86 262777 146
Change in Quarter - - -8.2% -41.5% -6.6% 5.9% 5.0% -31.7% -0.8% -27.4%
Change in year - - 6.1% -31.4% -1.4% -21.7% 17.2% -52.7% 14.5% -45.7%

February 15, 2005