|Agony for Agents as Volume Plummet|
Closures expected with sales down by 60%
New figures on the Acton property market are showing that there has been a massive decline in the number of properties changing hands in the area.
So far only 85 sales have been reported for the W3 post code during April to June of this year, the lowest level of quarterly sales on record. This represents a 61.4% decline in turnover from the same period last year.
There are rumours that some local agents may be close to shutting up shop and some appear to have resorted to increase flyboarding and leafleting in an desperate attempt to drum up more business annoying residents in the process.
The fall in turnover comes at a bad time for developments like Factory Quarter which may have difficulty selling units.
The news on prices is slightly better with just a 3.1% fall from the record levels seen last quarter. The average home in Acton cost £355,955 which is above the London average and 8.3% higher than the same period last year.
Over the last three years W3 house prices are up by 35.1% and 44.2% over the last five.
The average house price in England and Wales stands at £180,781 in June, which is a decrease from last month. House prices in these two countries have fallen for ten consecutive months.
The average property price in London is currently £345,136, which is up 2.5% over the last year although the level has been falling for the last 5 months.
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 - April - June 2008
September 11, 2008