|Relief for Acton Estate Agents|
Recovery in sale volumes may save some from closure
Acton's property market has found a new lease of life according to the latest figures published by the Land Registry.
Since the latter part of 2008 volume levels were consistently hitting new all time lows leading to some agents shutting up shop or switching their local office to lettings only.
The more recent numbers show a welcome recovery with the number of transactions in the second quarter up by 135% compared to the previous three months. This is still below half the level seen a few years ago and with fewer than one property a day changing hands in the W3 area, pickings remain slim for the local agents that remain. Further retrenchment remains a possibility.
The headline average price remains stable down by 9.3% over the last 12 months but this has been supported by house sales increasing more rapidly than flats. Developers have been taking some of their new schemes off the market after poor sales in the hope of finding tenants for them. Flat prices are down by 11.2% over the last year. T he average property in Acton now costs £322,735.
The figures for England and Wales as a whole show a modest improvement in the monthly change in house prices. The June increase of 0.1 per cent is the first time the monthly change has been positive since January 2008. The annual drop of 14 per cent took the average house price to £153,046.
London experienced the greatest monthly rise with a movement of 2 per cent, making it the region with the greatest monthly change and an average property value of £301,859.
All regions in England and Wales experienced a decrease in their average property values over the last 12 months.
The numbers below are subject to revision as is it usual that 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 2009
August 14, 2009