|Life Returns to Flat Market in W3|
Some relief for developers as sales volumes increase
The latest figures from the Land Registry are likely to improve the mood of property developers in the area. After a prolonged period in which sales volumes remained risible the most recent quarter shows increased activity in the sector although not enough at this stage to clear the inventory of flats still to come to the market.
Flat sales were up by 92.5% over the same period last year with Anthony House and Bromyard House being the best selling developments. There remains some concern about the sustainability of the recovery as flat sales were down 14% on the last quarter.
The average property price in Acton is now £339,418 and increase of 5.2% with houses performing better than flats over the last year.
Over the last three years most forms of property are broadly unchanged in price, over five year the average is up by 29% and 65% over ten years.
Looking ahead some analysts are not optimistic that the current price strength will be maintained.
"If you're selling a flat, it is better to get it on the market sooner rather than later as the market is moving more slowly at the moment due to a uncertainty about the future. It is also important to price it competitively.
"If you're thinking of selling your family home, get an agent round now to give you a valuation."
Miles Shipside, commercial director of Rightmove, comments, “The number of new mortgages being approved each month is less than half the number of new sellers, with the imbalance being exacerbated by the increase of nearly 50% in the number of properties coming to market compared to a year ago. More aggressive pricing is now the order of the day, which means that conditions are ripe for a strong buyers’ market in the second half of 2010. This is likely to see the average price gains of 7% for the first half of the year wiped out by year-end, in line with Rightmove’s original forecast for the year of no net change in prices”.
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 2010
Acton Property Prices - January - March 2010
October 13, 2010