Acton Flat Inventory Concerns Grow

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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