Slump at Top end of Acton property market

Prices down after hitting all time high last quarter

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Recently released figures on the local property market have shown that more expensive houses in the area have not been selling recently.

In the first half of 2005 the W3 area saw sales topping the million pound mark but since then activity in the more expensive streets in the area has been muted. The strong sales of high priced property boosted the average price of property to an all time high in the third quarter of last year but values seem to have fallen back since then.

The figures from the Land Registry show that the average price of a Acton property is now £270,615. Acton prices are up by 2.1% over the last year but fell by 7.7% over the previous quarter.

According to the Land Registry, the average house price in England and Wales fell by 2% to £191,327 between October and December. The figures seem to contradict surveys from mortgage lenders which had claimed that prices started to accelerate as 2005 drew to a close.

Flat prices in Acton are more or less unchanged over the last year whilst terraced house prices have been rising slowly. The concern still remains that the large supply of flats in the pipeline for the Acton area may continue to depress prices. Volumes remain well below historic levels down by nearly 40% from three years ago. Some local agents are reported to have hardly any properties available to sell on their books.

Over the longer term Acton's property prices have risen only 11.9% over a three year period.

Property Prices in Acton - October - December 2005

Oct - Dec 2005  Detached  Semi-Detached  Terraced  Flat/Maisonette  Overall
Av Price £ Sales Av Price £ Sales Av Price £ Sales Av Price £ Sales Av Price £ Sales
- - 400426 21 339647 37 204612 80 270615 138
Change in Quarter - - -8.3% -48.8% 1.7% -15.9% 0.0% -8.0% -7.7% -19.8%
Change in year - - 4.5% -34.4% 3.3% 0.0% -0.1% -21.6% 2.1% -19.3%
Change in three years - - 12.8% -52.3% 8.8% -14.0% 12.6% -39.8% 11.9% -37.3%

May 9, 2006