Houses continue to outperform flats in W3

The average price of a property sold in W3 since the beginning of June was £342,639.

This is in line with figures seen earlier in the year. A more detailed look at the numbers suggests that flat prices have remained fairly static with houses accounting for much of the average rise compared to last year which is not a big surprise bearing in mind the large stocks of flats available in new developments all over W3, with more to come.

Volumes continue to be ahead of levels seen in the same period in 2009.

The July data from Land Registry's flagship House Price Index shows a national annual price increase of 6.7% which takes the average property value in England and Wales to £166,798. The monthly change from June to July is an increase of 0.4%.

The region with the highest annual price change is London with an increase of 12.1%.

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

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 latest reported sales are given in the table below.

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Properties Sold in Acton W3 - June 2010

Previous Property Sales in Acton

October 12, 2010