|Acton Property Market Becalmed|
Volumes plummet further but prices not collapsing
The latest figures from the Land Registry show that the market is seeing the lowest level of turnover on record. Only 71 properties changed hands between July and September.
Price trends are more difficult to determine because of the lack of volume. Over the last 12 months flats have actually risen marginally in price but that could be because developers of new blocks are selling their better quality units first. Terraced houses in Acton have fallen in value by 18% over the last year. However this is on the back of strong rises and over three years they are still up in value by 23.0%
The average property in Acton now costs £331,400.
Large developments such as the Factory Quarter on Larden Road are reported to be experiencing very slow sales. Rumours continue of agents having to close their offices in Acton because of lack of business.
The statistics are for transactions that predate the bailout of banks globally and the collapse in stock markets but with sharp cut in interest rates recently there are also supportive factors for local prices.
London also experienced a decrease in its average property value over the last 12 months, with a movement of -6.1%, taking the average London house price to £328,927.
Annual house prices in England and Wales fell by 8 per cent in September to prices last seen in autumn 2006, according to the latest figures from Land Registry. The average house price is now £168,814 which is also a decrease month-on-month of 2.2 per cent.
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 - July - September 2008
November 14, 2008