|W3 Property Market Grinds to a Standstill|
Developers reported to be giving up trying to sell flats
After last quarter's record low for turnover in the local property market some estate agents were hopeful of a recovery in the new year. However, so far in 2009 property volumes have sunk to new lows down by over three quarters from the levels seen in the same period last year.
Only 34 properties changed hands in the area in the first quarter of the year. Reportedly marketing of the major flat developments has had such a poor response that the developers have withdrawn units for sale and are offering them for short term rent instead.
With such low volumes prices are difficult to track. Prices of terraced houses appear to be up over the last year but with only 8 such properties selling in the most recent period it is hard to take this as a definitive indication of the direction of the market. Flat prices also appeared to be relatively resilient but this could be down to developers selling the more attractive units in a project and being stuck with the less easily saleable units.
The average property in Acton now costs £334,141.
The Land Registry data for March for the country as a whole shows an annual house price change of -16.2%. This brings price levels back to those seen in August 2004.
London prices have fallen by 15.4 % to £299,613. Prices did rise slightly in March, the first time in a year the price index has seen a positive change.
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 - January - March 2009
May 18, 2009