|Acton Flat Inventory Concerns Grow|
Make up two thirds of property sold in the area but prices falling
Concerns that the large inventory of flats in the Acton area will cause problems for the local market have been increased by the latest data released.
According to the Land Registry average property prices in W3 fell by 6.3% to £339,547 in the fourth quarter of 2011 compared to the same period in 2010.
During the period house prices appear to have risen but flat prices fell by 10.2% but lower prices seem to have done little to encourage buyers with volumes not up significantly. With some agents hoping that a stamp duty holiday for first time buyers up to £250,000 would boost sales these numbers are likely to be a disappointment. Over two thirds of the properties changing hands in Acton are flats.
The average price of a flat in Acton is now lower than it was five years ago.
Mr Paul Connolly, Managing Director of Orchards of London said, "We agree that the prices have fallen for apartments in certain pockets of Acton since the height in 2007 but have found a dramatic increase in purchasers from the start of 2012 as we have been inundated with apartment queries. The family homes on our portfolio have been popular on particular roads throughout the Acton area, we have achieved the highest price on certain streets within Acton since the start of the year. Due to the increase in sales for apartments since the start of 2012 we believe that this will only increase as the year progresses as Acton is going through major transformation at the moment such as the Olympic sized swimming pool being fitted and Crossrail being introduced."
The December data from Land Registry's flagship House Price Index shows an annual price decrease of 1.3% which takes the average property value in England and Wales to £160,384.
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.
February 17, 2012