Forum Topic

W12 Property Market at a Standstill 

Only 36 W12 properties changed hands in the first quarter of 2009, of which 22 were flats, 7 terraced and 7 semi-detached.At this level of activity we should expect a further thinning down of local estate agents and possibly a lowering of rental prices, though I haven't particularly noticed the latter. I wonder how many buy-to-let-buyers or would-be-quick-buck-buyers have burned their fingers at Prestolite site, including those buying off-plan?

Dan Filson ● 6362d11 Comments

Is Prestolite W12 or W3?It's an interesting point you raise about buying off-plan. How many of these small number of transactions are actually people paying the full price for properties and how many are being subsidised by developers after threatening to walk away from their deposit.

Andy Jones ● 6362d

Prestolite - must partly be W3, the Valetta Road side, as I'm W3 and to the east of Larden Road, but as Emlyn Fardens estate is W12, I rather thought the bit to the north of it would be too as it is in LBHF, though that is no guide necessarily.The average price per flat suggests these are pre-subsidy. I also don't know at what price they record part-rent/part-buy properties, e.g. if you pay £75000 for a 25% share of a £300,000 property, is that a £75k transaction or a £300k one. For Stamp Duty purposes presumably £75k. If people walk away from their deposit, the developers must rub their hands - money for old rope, even if it means a modest cash flow burden.

Dan Filson ● 6362d

The whole Prestolite site is in LBHF and, as far as I can see from Streetmap.co.uk, it's all in W3.

Richard Jennings ● 6362d

I didn't know post codes went across council boundaries...learn something new every day.

Sara Nathan ● 6362d

It's the same in Acton and probably most other areas too - indeed I think even the figures are the same.Never thought the Prestolite site very appealing - too far from the tube and any decent shopping.

Sara Nathan ● 6362d

Why is it called Prestolite? It sounds prehistoric!

Lina Leaman ● 6362d

'Why is it called Prestolite? It sounds prehistoric!'The site was previously occupied by the firm of the same name. It has now been renamed 'Factory Quarter'. Sad in a way that the fact there once was manufacturing employment in this area becomes a bit of heritage history to try and flog some overpriced flats. That the factory is closed and the flats sit there empty is what is wrong with our economy in microcosm.It is likely that nobody would want to buy these flats even if times were good. They are right next to a sewage plant and the Warple Way 'muggers alley' is always strewn with abandoned cars, some of which have been set on fire. The 'market at a standstill' story line has been recycled on www.actonw3.com. The more attractive and better sited units at Bromyard House are also not selling.

Andy Jones ● 6361d

To say the Prestolite site is "right next to a sewage plant and the Warple Way 'muggers alley'" is a little harsh. I live in Valetta Road and don't agree with Warple Way being a mugger's alley, sand in any case think describing anywhere as such is unwise since it generates unnecessary fear and the word mugger carries - or used to carry - certain connotations. I don't think it is a sewage plant, at least not in the Mogden sense." ... always strewn with abandoned cars, some of which have been set on fire" - no in my experience."The 'market at a standstill' story line" isn't a line, it is a fact - 36 transactions for the whole of W12 for 3 months is staggering. I don't know hoe many Bromyard Avenue units sold in the 1st quarter 2009, but it should be remembered this is a development that is complete whereas Prestolite is very much still work in progress.Postcodes have no respect for borough boundaries - there is a tiny amount of W4 in LBHF, a certain amount of W3 in LBHF (around East Acton), W4 is both in LBH and LBE etc. I don't think any W12 is in LBE or LBH. However some houses on the west side of Emlyn Road were at one stage partly n LBHF and partly in LBH, with rates paid accordingly (and possibly voter registration possible in both boroughs), but there was a boundary tidying exercise in about 1988 when boundaries were stopped from snaking all over the road, for example on Bath Road near Emlyn Road.

Dan Filson ● 6361d

Wasn't there also an asbstos concern when the redevelopment was first mooted? Or have I misremembered?

Sara Nathan ● 6361d

"I don't think any W12 is in LBE or LBH."None in Hounslow, but the west side of St Elmo Road W12, north of the junction with Jeddo Road, is in Ealing.See http://tinyurl.com/r3ftjn

Richard Jennings ● 6361d

True, and yet the Acton~Hammersmith boundary preceded the introduction of postcodes - proof the postcodes are more to do with the convenience of the post delivery people than any other coherence.I have seen it confirmed that part-rent / part buy properties don't get a Stamp Duty charge on the purchase element of say £75,000 when the property is worth £300,000.I really am very surprised at only 36 properties changing hands in 3 months - you would think that auction sales alone would have kept the clock ticking. At a rate of only 3 properties per week, many estate agents must have weeks go by in which zero sales occur. Yet it is interesting to spot the SOLD signs.

Dan Filson ● 6360d