|Acton Home Values Confound Expectations|
But falling volumes suggest tough times ahead for agents
The latest statistics on Acton property show that prices have not fallen in the earlier part of 2008 as had been widely expected. In fact after falling towards the end of last year the average price has recovered to move back to new record levels.
The average home price in the area has risen to £367,350 up 6.5% from the previous quarter and 13.1% above the same period last year. The strongest section of the market seems to be semi-detached properties which maintained the volume of sales and rose by 13.8% over the quarter.
However the picture is not completely rosy with volumes plummeting. Only 141 homes changed hand in the first quarter of this year down by 44.7% from the same period last year.
Prices in London as a whole were up by 10.5% with the average property costing £357,675. London is still seeing the highest levels of increase in the country.
House prices in England and Wales dropped by 0.4 per cent in March compared to February, taking the average price to £184,798. It is the second consecutive monthly fall for England and Wales since August 2005. Over the year prices were up by 3.6%
The numbers are subject to revision as usually some properties are added late to the Land Registry's database.
In a forthcoming edition of the ActonW3.com newsletter there will be a complete listing of recent property sales in the area. To register to receive it click here.
Acton Property Prices - Jan - March 2008
May 29, 2008