|W3 Property Lags Behind Rest of London|
House prices up; high volume of flats for sale explains figures
Acton's property market is falling behind the rest of London according to the latest figures.
The average price of a home sold in the W3 area in the fourth quarter of 2009 was £296,365 which is 3.6% down on the same period last year. This has happened whilst prices in London as a whole have risen.
Part of the fall in the average can be attributed to a larger proportion of sales being made up of flats. House prices have in fact risen over the last year.
The news was good for estate agents with volumes double the level seen for the last three months of 2008.
In December, London experienced an annual house price change of 6.1% according to the Land Registry. This is the third month in a row that prices have increased year on year. Although London’s annual movement has mirrored that of England and Wales for some time, it now appears that London’s growth in general is increasing more rapidly.
The figures for England and Wales as a whole in December show an annual increase of 2.5%. This brings the average house price in England and Wales to £161,783. This is the first positive annual house price change since May 2008.
Right Move's House Price index, which is based on offered prices rather than sales prices, is showing that in January in London prices rose to an average of £407,731. This represents an annual change of 5.5%. Right Move say their figures show 'century low' stock levels for estate agents with the average agent having less than 65 properties on their books.
Miles Shipside, commercial director of Rightmove said, “The decision of post New Year sellers to ask for a higher price could be a shrewd move. In spite of problems brewing for later in the year, there are definitely some of the ingredients for a buoyant spring, and a window of opportunity that sellers may wish to take advantage of.”
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 - October to December 2009
Acton Property Prices - July to September 2009
March 4, 2010