Life Returns to Flat Market in W3

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Some relief for developers as sales volumes increase

The latest figures from the Land Registry are likely to improve the mood of property developers in the area. After a prolonged period in which sales volumes remained risible the most recent quarter shows increased activity in the sector although not enough at this stage to clear the inventory of flats still to come to the market.

Flat sales were up by 92.5% over the same period last year with Anthony House and Bromyard House being the best selling developments. There remains some concern about the sustainability of the recovery as flat sales were down 14% on the last quarter.

The average property price in Acton is now £339,418 and increase of 5.2% with houses performing better than flats over the last year.

Over the last three years most forms of property are broadly unchanged in price, over five year the average is up by 29% and 65% over ten years.

London overall experienced an increase of 12.2 per cent in June compared to last year. In comparison to this, the figure for England and Wales as a whole was 8.4 per cent. London’s house prices are now around the same levels they were three years ago. London's monthly change brings the average house price there to £338,027, while the average for England and Wales is £166,072.

Looking ahead some analysts are not optimistic that the current price strength will be maintained.

However, John Henry, Sales Director at Northfields, told us: "This just goes to show what a good place Acton is to live in.

"Obviously, there is demand for property here and August is a good time to bag a deal as many buyers will be away.

"If you're selling a flat, it is better to get it on the market sooner rather than later as the market is moving more slowly at the moment due to a uncertainty about the future. It is also important to price it competitively.

"If you're thinking of selling your family home, get an agent round now to give you a valuation."

Miles Shipside, commercial director of Rightmove, comments, “The number of new mortgages being approved each month is less than half the number of new sellers, with the imbalance being exacerbated by the increase of nearly 50% in the number of properties coming to market compared to a year ago. More aggressive pricing is now the order of the day, which means that conditions are ripe for a strong buyers’ market in the second half of 2010. This is likely to see the average price gains of 7% for the first half of the year wiped out by year-end, in line with Rightmove’s original forecast for the year of no net change in prices”.

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 .

Acton Property Prices - April - June 2010

Area	Semi-Det	Sales	Terraced	Sales	Flat/Mais	Sales	Total Ave	Total Sales
W3 0	323638	6	440616	6	301833	3	366068	15
W3 6	491237	4	451631	11	236236	19	335923	34
W3 7	451187	8	410500	4	272569	30	319728	42
W3 8	562666	3	403000	4	219750	10	323382	17
W3 9	722133	6	0	0	240913	15	378404	21
Total	501373	27	434625	25	251718	77	339418	129
Change in Quarter	-11.9%	8.0%	9.3%	4.2%	4.8%	-14.4%	3.9%	-7.2%
Change in year	17.1%	42.1%	9.6%	19.0%	7.5%	92.5%	5.2%	61.3%
Change in three years	-5.9%	-18.2%	6.2%	-19.4%	-2.0%	-49.7%	3.3%	-41.4%
Change in five years	32.5%	0.0%	32.7%	-28.6%	24.7%	-11.5%	28.9%	-13.4%
Change in ten years	86.5%	-52.6%	69.6%	-37.5%	92.6%	-26.7%	64.9%	-38.3%

Acton Property Prices - January - March 2010

Area	Semi-Det	Sales	Terraced	Sales	Flat/Mais	Sales	Total Averages	Total Sales
W3 0	442800	5	324000	3	314800	5	366154	13
W3 6	499250	4	484500	6	201778	16	312786	26
W3 7	746000	6	446564	7	294479	36	371494	49
W3 8	359000	5	317375	8	173782	23	231416	36
W3 9	749000	5	0	0	222050	10	397700	15
Total	569080	25	397665	24	240235	90	326562	139
Change in Quarter	24.9%	38.9%	3.0%	60.0%	-1.9%	9.8%	10.2%	20.9%
Change in year	54.8%	316.7%	-18.1%	200.0%	-8.9%	350.0%	-2.3%	308.8%
Change in three years	6.2%	-39.0%	-6.7%	-35.1%	-1.2%	-48.3%	0.6%	-45.5%
Change in five years	65.6%	0.0%	21.1%	-17.2%	20.4%	11.1%	28.6%	3.0%

 

 

October 13, 2010