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 only region in England and Wales to experience an increase in its average property value over the last 12 months is London with a movement of 2.8% to £345,298. The North East experienced the greatest annual price fall with a decrease of 7.1% and the most significant monthly price fall with a decrease of 1.9%.

The most up-to-date figures available show that, during October 2011, the number of completed house sales in England and Wales decreased by 6% to 55,309 compared to 58,634 in October 2010. The number of properties sold in England and Wales for over £1 million in October 2011 decreased by 10% to 525 from 582 in October 2010.

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 - October - December 2011
Area Semi-Det Sales Terraced Sales Flat/Mais Sales Total Averages Total Sales
W3 0 475000 4 0 0 163419 5 301899 9
W3 6 496666 3 564500 5 217967 19 313106 27
W3 7 420800 5 591991 6 262296 27 335209 38
W3 8 0 0 446500 4 200019 26 232883 30
W3 9 745000 12 0 0 283556 8 560422 20
Total 601417 24 544030 15 229522 85 339547 124
Change in Quarter 20.5% 60.0% 4.8% -53.1% -6.0% -1.2% 0.1% -6.8%
Change in year 1.9% 4.3% 16.5% -34.8% -10.2% -2.3% -6.3% -8.8%
Change in three years 47.9% 100.0% 43.1% 66.7% -9.3% 150.0% 10.4% 125.5%
Change in five years 35.3% -42.9% 35.2% -59.5% -2.7% -65.3% 18.0% -62.1%

 

Acton Property Prices - July - September 2011
Area Semi-Det Sales Terraced Sales Flat/Mais Sales Total Averages Total Sales
W3 0 360000 3 513100 5 226666 3 393227 11
W3 6 548250 4 621250 12 224968 16 413984 32
W3 7 529954 4 447666 9 283104 23 351672 36
W3 8 0 0 426733 6 229139 14 288417 20
W3 9 523750 4 0 0 233598 30 267734 34
Total 499188 15 519059 32 244265 86 339131 133
Change in Quarter -8.8% -6.3% 4.3% 0.0% -5.0% 26.5% -6.7% 14.7%
Change in year -26.6% -46.4% 6.4% 33.3% -1.2% -19.6% -7.4% -17.9%
Change in three years 10.0% 66.7% 26.4% 68.4% -9.8% 100.0% 2.3% 87.3%
Change in five years -2.2% -61.5% 25.7% -54.3% 8.7% -60.2% 11.0% -59.5%



 

February 17, 2012