|New Record High for Acton Property Prices|
Rosemont Road property is area's third most expensive
The number of properties exchanging hands in Acton is at the highest level it's been in the last six years with average prices up 14.8% compared to last year.
Latest figures from the Land Registry show that 210 homes were sold in the last quarter (July - September) with flats (138) and terraced houses (40) accounting for the bulk of the sales.
Houses are still inevitably outperforming flats in terms of prices, traditional terraces are averaging out at £629,459 whilst flat buyers can expect to pay around £306,029.
Faisal Yousuf from citydeal estates says W3 property is at a premium:
'' We are increasingly using sealed bid situations as demand from buyers exceeds available stock. We see the number of transactions continuing to increase as first time buyers have easier access to finance through both Help to Buy and the increased appetite from high street lenders. Together with the continued international interest we see prices and transaction numbers rising into 2014.''
Of interest to those with a bit more money to spend - a house on Rosemont Road recently became the area's third most expensive at £1,775,000.
The September data from Land Registry's House Price Index shows that London remains the best performing property market in England and Wales. The average price of a home in the capital rose by 9.3% over the year to £393,462.
Jon Pishiri, RICS London residential spokesperson commented, “Increasing demand and continuing low supply are major determinants in London prices being pushed up. The Help to Buy initiative coupled with rising rental values are further encouraging people to purchase a house as opposed to renting. There is an obvious need to increase supply to the market in order to address this problem.”
For the country as a whole prices rose by 3.4% which takes the average property value in England and Wales to £167,063. Repossession volumes decreased by 28 per cent in July 2013 to 1,187 compared with 1,645 in July 2012.
The number of properties sold in England and Wales for over £1 million in July 2013 increased by 34 per cent to 1,143 from 852 in July 2012.
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 21, 2013