Strong flat sales mask underlying strength in prices

Newly released figures for the property market in Acton show slower growth in prices. The average price of a W3 property has risen by 1.2% over the quarter and 6.9% over the year.

The headline number is not really representative of the market as one of the main reasons for the slower rise is the change in mix of the type of properties being sold with flat sales making up over two thirds of the total compared to around half previously. The average flat price has risen by 24.5% over the last year though this may be more to do with the quality of the developments coming to the market rather than an indication of sharply rising prices. Matthew Goss of Bushells told us one-bedroom flats have been performing particularly well in the past few months.

Over a third of properties sold in Acton during the last quarter were in post code area W3 7 which is the area East of the North London Link rail track and Acton Park, including roads off the Vale and exclusive properties near the Park Club.

Nationally properties were up by 9.2% over the last year to an average price of £181,227. London saw the average property costing £339,638 up by 16.0% according to the Land Registry house price index.

The data is from a period before the recent crisis in the banking sector so falls are possible in the third quarter of the 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.

The numbers quoted are based on Land Registry data from April to June 2007.

September 28, 2007