|Ealing Property Recovery Misfiring|
Mixed messages coming from local homes market
House prices in Ealing have continued their recovery according to the latest official figures although the rises appear to be patchy.
The average price achieved in the third quarter of this year in W5 according to figures from the Land Registry was £445,716 up by 8.6%. The average for W13 was £392,145 which was down by 4%. In both cases this is above the levels seen in the same period last year.
Volumes have also recovered sharply from the historic low levels seen at the end of 2008 particularly in W5 where sales were up by 75%. However, turnover does remain well below the levels seen at the peak of market activity in 2007.
However, there is a case to be made that rising prices are a statistical aberration. In previous quarters hardly any larger properties were changing hands but now there are a significant number of transactions for detached and semi-detached properties. If you take them out of the equation the situation looks decidedly less positive. In W5 the average terraced property price fell by 20.9% and the average flat price fell by 18.5%.
The average was also boosted by flat sales recovering more slowly than more expensive house sales.
This contrasts with the picture seen elsewhere in London, for instance Chiswick where the recovery in prices seems to be more broad-based.
London's annual house price change to the end of September according to the Land Registry is -3.2 per%, which is the sixth month in a row in which London's rate of fall has eased. The average value of a property in London is now £314,954.
Right Move's House Price index, which is based on offered prices rather than sales prices, is showing that in October in London prices were back to an all-time high. The majority of buyers are expecting more rises and only 1 in 10 expecting falls
The Land Registry figures for England and Wales as a whole in September show an annual movement of -5.6 per cent. This brings the average house price in England and Wales to £158,377. This is the fifth month in a row where the annual rate of decline has eased.
The latest survey of Chartered Surveyors for the RICS also shows the market recovering with London appearing to be the strongest area.
Jeremy Leaf, a spokesperson for the RICS said, " Although the supply of property is beginning to pick-up, it is still insufficient to keep pace with the increase in demand which points to further prices gains in the near term. Cheap money remains a critical prop for the market and this is being reflected in the continuing appetite for finance from first-time buyers despite the large deposits still being demanded by lenders."
The numbers below are subject to revision as is it usual that some properties are added late to the Land Registry's database.
Ealing Property Prices - July to September 2009
W5 Post Code Area
W13 Post Code Area
Data in this report is subject to crown copyright protection.
November 24, 2009