|Misery Continues for Local Estate Agents|
Transaction levels in the Acton market fall by 70%
The latest figures from the Land Registry show that the level of turnover in local property continues to plummet. Only 55 properties have been recorded as having changed hands so far in the fourth quarter of 2008 - the lowest quarterly level on record.
Prices are difficult to track with volumes at such low levels. Although the average terraced house in W3 appears to have fallen by about 20% over the last year only 9 such properties changed hands in the most recent period making firm conclusions difficult.
Flat prices appear to be more resilient however some market observers believe this is because the better quality flats in new developments are being sold first and that a substantial amount of sub-standard units remain unsold.
The average property in Acton now costs £307,427.
The Land Registry data for January for the country as a whole shows an annual house price change of -15.1 per cent. This marks the seventeenth month in a row where the annual rate of change has fallen. This contrasts with the 21 months of uninterrupted increases in the annual rate of change between December 2005 and August 2007. Prices in London were down by 14.1% over the year.
Oliver Finn's Christian Harper said, "Transactions are certainly at an all time low. However, backdated factual figures often provide a distorted view of a current market and it must be said that the number of transactions have improved as more and more of the public consider that we may be at the bottom of market prices, mortgages are cheap and many homeowners are only too happy to negotiate with a trustworthy, solid buyer"
The average property in England and Wales is currently worth £156,753 and the rate of monthly price change stands at -0.8 per cent. Sales volumes nationally have continued to decrease, with the number of sales averaging 41,014 per month in the months August to November 2008. In the same period in 2007, the average was £106,495.
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 - October - December 2008
May 11, 2009