House prices remain steady during the month

The latest figures from the Land Registry are suggesting that Ealing property prices have remained steady during February 2011.

During February the average sale price achieved in the W5 post code area was £431,411 slightly below the level seen in the fourth quarter of last year.

In West Ealing (W13) the average price fell to £369,208 having been above £400,000 in January. The fall seems more due to the lack of activity at the top end of the market - no homes sold for over £1,000,000 during the month - compared to 3 in January - than a general decline in the market.

The average price in the W5 post code area of sales reported so far this year is £446,997. This is more or less in line with the average for the final three months of 2010 but represents a bounce back from the lower levels seen in November and December. The figures include the sale of a home in Warwick Road for £1,632,500.

London property prices overall are up by 3.2% in February compared to last year. Prices were down marginally on the previous month. This is still highest level in the country with the North East seeing prices fall by 7.1% in the same period. Nationally prices fell by 1.7% in February 2011 compared with February 2010.

This brings the average property price to £341,048, in comparison to the figure for England and Wales, which is £162,215.

Longer term London has also significantly outperformed the rest of the country according to the Nationwide House Price Index, with prices up 17% over the last five years. This compares to a modest 1.3% increase across the UK as a whole. Over the same period, the North was the worst performing region, with prices down 7.8%.

Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said, “Demand for homes has levelled out, supported by historically low interest rates and some stabilisation in the labour market. The continued uncertain outlook for the economy is likely to keep many potential buyers on the sidelines for some time yet. “Nevertheless, there are few signs of a glut of unsold homes building up on the market. Sellers remain reluctant to accept lower prices to secure a sale. In fact there are tentative signs that the volume of homes coming onto the market is slowing.”

The latest reported sales are given in the table below.

The numbers below are subject to revision as is it usual that some properties are added late to the Land Registry's database.

Properties Sold in the W5 Area in February 2011

Properties Sold in the W13 Area in February 2011

Source: Land Registry

Data in this report is subject to crown copyright protection.

12 May 2011