|Ealing Property Market Grinds to a Standstill|
Less than one property a day changing hands in the area
The latest official information is showing that the big problem for the local market is not necessarily falling prices but a dramatic decline in the number of properties changing hands.
Less than one property a day has been sold so far this year and volume levels are 70% down on the same period in 2008.
Estate agents have already laid off significant numbers of staff and more closures are rumoured to be in the offing with some of the larger chains considering pulling out of the Ealing market. An improvement in the lettings market has not been sufficient for some local branches to remain profitable.
Because of the low volumes price trends are very difficult to discern. Data released by the Land Registry suggests that prices are down by 24.1% in the W5 area. The same data shows that prices are more or less flat in W13. However, the Land Registry calculations exclude some properties where there has been a limited number of transactions in their area. These tend to be higher value properties and with these included in the average the level rises to over £400,000.
The Land Registry data for March for the country as a whole shows an annual house price change of -16.2%. This brings price levels back to those seen in August 2004.
London prices have fallen by 15.4% to £299,613. Prices did rise slightly in March, the first time in a year the price index has seen a positive change.
The numbers are subject to revision as usually some properties are added late to the Land Registry's database.
Ealing Property Prices - January - March 2009
W5 Post Code Area
* Note the averages in the table above exclude sales for which there were less than three for that property type in the same post code area. Including these properties the average for the W5 area is £415,459.
Data in this report is subject to crown copyright protection.
May 18, 2009