Latest figures suggests sales have halved compared with a year ago

The latest official numbers on the local property market have fuelled concerns that there may be a growing number of unsold flats in the Acton area.

Buyers for this type of property in W3 seem to be disappearing and a significant amount of new supply has already been given planning permission. Over three thousand new units are due to be built but it seems like the market is having problems digesting the relatively small number of flats that have already been put on the market.

Land Registry figures for the fourth quarter of 2016 suggest that the number of flats being sold in the W3 area compared with the same period last year has halved. Only 42 units were registered as having changed hands during the period. There are an increasing number of reports of flats remaining unsold in the area.

In the South Acton area where the Acton Gardens development is taking place only seven flats were sold during the period. Local agents think it is possible that there may be an issue with delayed completions and that sales from the development may not appear in the official numbers until they are built. They are also reporting substantial discounts on new build developments across London.

The Acton Gardens development

Lower priced flats in new developments seem to be seeing some demand with the Trentham Court development in North Acton reporting a number of sales during the last three months of 2016.

Demand for family houses in the area seems to be remaining reasonably strong with the top priced transaction during the period being for a six bedroomed semi-detached house in Perryn Road which sold for £1.8 million.

Overall prices in the Acton area remain stable with the average retreating from the all-time highs seen in the previous quarter but virtually unchanged from the level seen a year ago. The average home in Acton now costs £565,243.

Donald Collins, Sales Director of Go View London believes the market remains robust, saying , “It is vitally important though to speak to an experienced agent to make sure you get the pricing right to begin with so you don’t miss your optimum selling price.

“Buyers do flag the ‘Brexit’ conundrum as a reason for holding off making a decision, but having worked locally for 13 years, I find the market always moves up and more than makes up any short term loss.

“Advice for buyers? I would suggest that buyers look at how long they are planning on staying in a property. For families this can quite often be 10-15 years when you take schooling into account. This long term perspective will hopefully circumvent any short term worries you have over the market. "

The Office of National Statistic's House Price Index is showing that the average price of a home sold in England and Wales was £219,544 in December 2016 up by 7.2%. Having been consistently above the levels seen in the rest of the country prices in London are now rising less quickly than the overall average and now stands at £484,000. This is the first time home values in the capital have underperformed the rest of the country since the financial crisis in 2008.

The number of property sales in England in October 2016, the latest figure available was down 34.5% year on year.

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 click here.

February 16, 2017