|Ealing Property Weathers the Storm|
Demand remains good for family homes in the area
The latest official numbers are pointing to a property market in Ealing that remains quite robust in the face of an increasingly grim economic environment.
The latest property information from the Land Registry however shows that W5 and W13 are still popular areas to live.
Prices in W5 have remained rather static though - the average now is £456,758 - up 1.8% compared with last year.
Even though there don't appear to be that many properties on the market (how many for sale boards are there on your street?) volumes are increasing - sales are actually double the level seen three years ago.
Terraced houses and and flat prices are however generally down over last three years.
Overall prices in the W5 postcode are up 19.1% over the last 5 years
In West Ealing the headline price is up 17.8% but that is due to renewed activity at the top end of the market. 5 detached houses sold during the quarter.
Terraced house prices again are down compared with same period last year. Prices in W13 have increased more than W5 - up by 40% over last 5 years
The September data from Land Registry's House Price Index shows an annual price decrease of 2.6% which takes the average property value in England and Wales to £162,109. The only region to experience an increase in value over the last 12 months is London with a rise of 2.7%.
The most up-to-date figures available show that during July 2011, the number of completed house sales in England and Wales decreased by 11 per cent to 59,919 from 67,475 in July 2010. The number of properties sold in England and Wales for over £1 million in July 2011 decreased by 24 per cent to 707 from 932 in July 2010.
House prices rose by nearly £2,000 in October which analysts say illustrates that the property market is weathering the current economic climate better than most.
According to the Nationwide's House Price Index which looks at offered prices rather that transacted sales UK house prices increased by 0.4% in October, lifting annual house price growth into positive territory for the first time in six months. The price of a typical home at £165,650 was 0.8% higher than October 2010.
Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said, “Given the challenging economic backdrop, October’s data is encouraging, but it doesn’t fundamentally change the picture of a housing market that is treading water. Property transaction levels remain subdued, and prices essentially flat compared to last year. The outlook remains uncertain, but with the UK economic recovery expected to remain sluggish, house price growth is likely to remain soft in the period ahead, with prices moving sideways or drifting modestly lower over the next twelve months.”
In a forthcoming edition of the Ealingtoday.co,uk newsletter there will be a complete listing of recent property sales in the area.
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Ealing Property Prices - July - September 2011
W5 Post Code Area
W13 Post Code Area
Data in this report is subject to crown copyright protection.
November 10, 2011