|Acton Property Prices Slightly Down|
But terraced houses saw a small rise, so there's some good news.
Acton is experiencing a slight slump in property prices, with the average house price dropping to £339,131 (from around £360k last quarter). That's a 7.4% drop since last year.
Good demand for terraced houses in the area which are up by 6.4% over the year. Flat sales are around a fifth lower than the same period last year and prices are down. Over the last 5 years Acton flat prices are up only by 8.7%.
Volumes generally have recovered from the lows seen three years ago but are still well below the levels seen when the market was at its most active five years ago.
The September data from Land Registry's House Price Index shows an annual price decrease of 2.6% which takes the average property value in England and Wales to £162,109. The only region to experience an increase in value over the last 12 months is London with a rise of 2.7%.
The most up-to-date figures available show that during July 2011, the number of completed house sales in England and Wales decreased by 11 per cent to 59,919 from 67,475 in July 2010. The number of properties sold in England and Wales for over £1 million in July 2011 decreased by 24 per cent to 707 from 932 in July 2010.
According to the Nationwide's House Price Index which looks at offered prices rather that transacted sales UK house prices increased by 0.4% in October, lifting annual house price growth into positive territory for the first time in six months. The price of a typical home at £165,650 was 0.8% higher than October 2010.
Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said, “Given the challenging economic backdrop, October’s data is encouraging, but it doesn’t fundamentally change the picture of a housing market that is treading water. Property transaction levels remain subdued, and prices essentially flat compared to last year. The outlook remains uncertain, but with the UK economic recovery expected to remain sluggish, house price growth is likely to remain soft in the period ahead, with prices moving sideways or drifting modestly lower over the next twelve 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.
November 17, 2011