|Ealing House Prices Reach Record Levels|
Market is unaffected by Brexit according to local estate agents
Property prices in W5 are at record levels according to new figures, with three houses breaking the two million pound barrier in recent sales.
According to latest information from the Land Registry, average prices in the fourth quarter of 2016 are up by 39.3% to £827,302 - this is largely driven by the change in the mix of the kind of properties being sold.
The demand for flats has considerably slowed though - only 44 were reported as being sold in the W5 post code area in the last three months of 2016 compared to 165 in the same period in the previous year.
The same factors are much less decisive in West Ealing. The average price has risen to a new record level but the change in mix of type of properties sold is not as pronounced leading to the level increasing by 2.6% over the last year to £692,594.
Transactions in this area have slowed even more with only 39 sales being reported to the Land Registry in the last three months of 2016.
Family houses on the other hand are still in big demand and exchanging hands for large sums. Three properties of this kind sold for over £2,000,000 during the period in W5 including a detached house in Hamilton Road which changed hands for £2,720,000.
Donald Collins, Sales Director of Go View London believes it proves the market remains robust, and says sellers should shop around before they decided who to market their property with, '''It is vitally important though to speak to an experienced agent to make sure you get the pricing right to begin with so you don’t miss your optimum selling price.
Ray Upcraft from www.russellcollins.co.uk says February has been the best month for some time, '' Ealing seems to be slowing recovering from Brexit. I wouldn’t say that Brexit hasn’t affected the property market at all as it clearly has, but it seems now that confidence is back in the market. The key is for properties to be realistically priced as the first 4-6 weeks are the most likely time to find a buyer. Everything seems fine at the moment and Feb 2017 was the best month for some time.
''With excellent schools, attractive parks and Crossrail getting nearer by the day, Ealing is definitely going places (as it were) and attracting buyers from many other parts of London.''
The Office of National Statistic's House Price Index is showing that the average price of a home sold in England and Wales was £219,544 in December 2016 up by 7.2%. Having been consistently above the levels seen in the rest of the country prices in London are now rising less quickly than the overall average and now stands at £484,000. This is the first time home values in the capital have underperformed the rest of the country since the financial crisis in 2008.
The number of property sales in England in October 2016, the latest figure available was down 34.5% year on year.
In a forthcoming edition of the EalingToday.co.uk newsletter there will be a complete listing of recent property sales in the area. To register to receive it click here.
Source: Land Registry
February 23, 2017