Further retrenchment looks likely for local estate agents

Estate agents will be trembling in their boots when they see the latest figures from the Land Registry which show an alarming fall in the number of household property transactions in the area.

In the W5 area turnover has just about halved from the level seen in the same period last year. Only 121 properties changed hands in the area in the first quarter of the year. This must be hitting agents hard and there have already been some withdrawals from the market with marginal players like Lauristons withdrawing from the market.

Prices were down too in the W5 area although from record levels seen at the end of last year. The average W4 home now cost £412,389. This is 3.6% lower than the same period last year.

In West Ealing W13 prices actually rose in the quarter but this appears to have more to do with a change in the mix of the kind of properties that were changing hands. Flat sales halved compared to the previous period whereas the volume of house sales increased.

Prices in London as a whole were up by 10.5% with the average property costing £357,675. London is still seeing the highest levels of increase in the country.

House prices in England and Wales dropped by 0.4 per cent in March compared to February, taking the average price to £184,798. It is the second consecutive monthly fall for England and Wales since August 2005. Over the year prices were up by 3.6%

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

Ealing Property Prices to March 31st 2008

W5 Post Code Area

W13 Post Code Area

Data in this report is subject to crown copyright protection.

May 29, 2008