Prices rise by 10.7% over the year and have doubled over last decade

The average price of a home sold in the W3 post code area during December was £484,057 according to the latest figures from the Land Registry.

There were 56 transactions during the month, five of which were for over £1,000,000. The highest priced sales was on Birch Grove where a house changed hands for £1,432,250.

With prices in the last quarter of 2014 averaging around £460,000 the average home value in Acton has doubled over the last decade and is up by 10.7% over the last year.

The December data from Land Registry's House Price Index shows that London remains the best performing property market in England and Wales. The average price of a home in the capital rose by 11.2% over the year to £403,972.

For the country as a whole prices rose by 4.4% which takes the average property value in England and Wales to £167,353. Repossession volumes decreased by 28 per cent in July 2013 to 1,187 compared with 1,645 in July 2012.

The most up-to-date figures available show that during October 2013 the number of completed house sales in England & Wales increased by 21 per cent to 71,929 compared with 59,213 in October 2012. The number of properties sold in England and Wales for over £1 million in October 2013 increased by 40 per cent to 913 from 651 in October 2012.

According to the RICS Residential Market Survey, the number of homes sold per chartered surveyor in London reached its highest point since October 2010 in December as the recovery in the capital’s property sector continued.

Over the festive period, the average number of transactions per surveyor in London, reached 16 - over treble that of the lowest point of the downturn back in February 2009 when respondents were selling a mere 6. With more sales now going through, growth in demand for rented accommodation has fallen again as a growing number of renters opt to test the sales market.

Meanwhile, with the amount of homes coming onto the market still nowhere near enough to meet the higher level of demand, prices continue to rise. In London during December, a net balance of 99 percent more chartered surveyors reported growing prices. Significantly, every area of the UK saw prices increase with London and the South East experiencing the biggest jumps.

Peter Bolton King, RICS Global Residential Director, commented: “The housing market is starting to thrive once more. Sales are at their highest level in almost six years and this is being reflected right across the UK. Growing availability of affordable mortgages has released some pent-up demand from a market that, in recent years, has seen many viable buyers unable to enter the market. On the face of it, this seems like good news but unless we see a marked increase in the number of homes coming up for sale we could well be looking at a price rises becoming unsustainable in some areas.”

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Previous Property Sales in Acton

October 7, 2014