W3 Property In Demand and Moving Up

House prices are up for the last quarter

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The average property price in Acton rose back up above £300,000 in the latest quarter from January to March.

There was a huge recovery in volumes after only 34 homes sold in same period last year.

Prices were broadly unchanged over a three year period but up by 28.6% over last five years.

Semi-detached properties in the area seem to be in demand.

Oliver Thomas, who handles sales for Northfields Estate Agents Shepherds Bush office says: "Compared with the quarter before at the end of last year, this quarter things have definitely improved. We're getting more properties onto the market, prices seem to be more buoyant and now the election is out of the way we're expecting stability in the mortgage market and things should continue to go up.

"It's a great time to sell your property. The Council of Mortgage Lenders think that interest rates might go up and repossessions could be on the increase so it's a good time to make your move now."

London has been the best performing region of the country over the last twelve months to the end of March with the average price in the capital rising by 13% to £336,409. The rest of the country has seen rises of 7.5% bringing the national average to £164,288 although prices did fall slightly during March.

Right Move's House Price index, which is based on offered prices rather than sales prices, is showing that in April sellers ignored pre-election concerns and put prices up by 2.6% in the month. In London the average asking price is now £421,822.

Miles Shipside, commercial director of Rightmove said, “Rarer property types in desirable locations are achieving record prices. For ‘location, location, location’ you can also read ‘cash, cash, cash’. Conversely, in areas where buyers have less access to cash or mortgage finance, or there is an over-supply of a certain property type, then sellers are having to price much more aggressively to secure a sale. There is increasing divergence between these different markets, with agents reporting some pockets where a couple of viewings find a cash-rich buyer, whereas a few miles down the road it’s taking over 20 viewings to achieve a sale”.

Although political uncertainty appears to have had little impact on property in the UK thus far he expects the market to go into 'suspended animation' until a clearer picture emerges on the stability of the new Government.

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 - January - March 2010

Area Semi-Det Sales Terraced Sales Flat/Mais Sales Total Averages Total Sales
W3 0 442800 5 324000 3 314800 5 366154 13
W3 6 499250 4 484500 6 201778 16 312786 26
W3 7 746000 6 446564 7 294479 36 371494 49
W3 8 359000 5 317375 8 173782 23 231416 36
W3 9 749000 5 0 0 222050 10 397700 15
Total 569080 25 397665 24 240235 90 326562 139
Change in Quarter 24.9% 38.9% 3.0% 60.0% -1.9% 9.8% 10.2% 20.9%
Change in year 54.8% 316.7% -18.1% 200.0% -8.9% 350.0% -2.3% 308.8%
Change in three years 6.2% -39.0% -6.7% -35.1% -1.2% -48.3% 0.6% -45.5%
Change in five years 65.6% 0.0% 21.1% -17.2% 20.4% 11.1% 28.6% 3.0%



May 13, 2010

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