Financial market uncertainty yet to hit home values

The prices of Ealing W5 property have reached a new high during the latest quarter.

The average W5 property changed hands for £463,836 according to the latest quarterly data from the Land Registry. This isup by 3.7% from the previous level of £447,054 which was also a record. Comparing with the same period a year ago prices are up by 19.7%.

In West Ealing W13 properties fell below the London average to £334,648. This was down by 14.6% compared to the last quarter but up by 3.1% compared to the same period last year. The price trend seems to have more to do with the mix of properties being sold in the area during the quarter than the underlying market. Flat sales rose strongly in volume whereas there were relatively few houses sold.

Ealing has previously been highlighted in studies as an area were the relationship between property prices and average incomes is the most stretched so stock market volatility may yet have had a bigger impact here than in other parts of London.

Prices in London as a whole were up by 14.3% with the average property costing £354,625. London is seeing the highest levels of increase in the country.

House prices in England and Wales dropped by 0.4 per cent in December compared to November, taking the average price to £184,469. It is the first fall for England and Wales since August 2005. Over the year prices were up by 6.7%

The numbers are subject to revision as usually some properties are added late to the Land Registry's database.

Ealing Property Prices to December 31st 2007

W5 Post Code Area

W13 Post Code Area

Data in this report is subject to crown copyright protection.

March 14, 2008