Muted Recovery for Acton Property

Sales rise below that seen in neighbouring areas

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Acton's property market is making a slow recovery according to the latest official figures.

Whilst areas like Ealing and Chiswick have seen sales rise by over 50% compared to the same period last year, Acton only managed a 23.9% rise from the very depressed levels of volumes prevailing in 2008. Sales levels are down by nearly 75% compared to those seen three years ago.

With developers looking to shift large quantities of new flat units such as those at Bromyard House these numbers are likely to be of concern to them.

The news on prices is somewhat better. Houses in Acton have risen in price over the last year and flat prices are broadly stable. One property in Rosemont Road did change hands for over £1,000,000 in August. Overall the average property in Acton in the third quarter of 2009 cost £320,774 down by 3.2%

London's annual house price change to the end of September according to the Land Registry is -3.2 %, which is the sixth month in a row in which London's rate of fall has eased. The average value of a property in London is now £314,954.

Right Move's House Price index, which is based on offered prices rather than sales prices, is showing that in October in London prices were back to an all-time high. The majority of buyers are expecting more rises and only 1 in 10 expecting falls

The Land Registry figures for England and Wales as a whole in September show an annual movement of -5.6%. This brings the average house price in England and Wales to £158,377. This is the fifth month in a row where the annual rate of decline has eased.

The latest survey of Chartered Surveyors for the RICS also shows the market recovering with London appearing to be the strongest area.

Jeremy Leaf, a spokesperson for the RICS said, " Although the supply of property is beginning to pick-up, it is still insufficient to keep pace with the increase in demand which points to further prices gains in the near term. Cheap money remains a critical prop for the market and this is being reflected in the continuing appetite for finance from first-time buyers despite the large deposits still being demanded by lenders."

The numbers below are subject to revision as is it usual that some properties are added late to the Land Registry's database.

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 newsletter there will be a complete listing of recent property sales in the area. To register to receive it click here.

Acton Property Prices - July to September 2009

Area Semi-Det Sales Terraced Sales Flat/
Sales Total Avg Total Sales
W3 0 0 0 379166 3 0 0 379166 3
W3 6 0 0 468216 9 236950 10 346497 19
W3 7 318750 4 388207 7 270977 32 294505 43
W3 8 505000 3 0 0 255583 12 305466 15
W3 9 652166 3 0 0 261000 5 407687 8
Total 474650 10 424678 19 261233 59 320774 88
Change in Quarter 10.9% -47.4% 7.1% -9.5% 11.6% 47.5% -0.6% 10.0%
Change in year 4.6% 11.1% 3.4% 0.0% -3.6% 37.2% -3.2% 23.9%
Change in three years -7.0% -74.4% 2.8% -72.9% 16.2% -72.7% 5.0% -73.2%
Change in five years 18.6% -76.7% 23.6% -44.1% 31.7% -54.6% 21.4% -57.5%


February 9, 2010

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