|Ealing Flat Prices Surge to All-Time High|
West Ealing (W13) sales now averaging over half a million
Estate agents are convinced the Crossrail effect is making its mark on Ealing - particularly in the flat market which is seeing prices surging.
There were 141 flats sold in W5 during the last three months of last year at an average of £347,876, the highest level seen for that kind of property. W13 flat prices also hit a new high rising to £283,168.
Donald Collins from Go View London says:
''There is no doubt we are witnessing a dramatic surge of interest in West Ealing and Hanwell properties due Crossrail.''
"My sales team receives daily enquirers from investors both in Britain and from abroad asking about potential investment properties, and the buyers are prepared to pay a premium due to the expected uplift from Crossrail.''
He says they sold a one bedroom flat on Hastings Road after multiple bids. Meanwhile another owner is hanging onto his property on Avenue Road - convinced that the price will increase further as Crossrail gets closer.
Mr Collins continues: '' Maybe interest is greater in the West Ealing/Hanwell side given that Ealing Broadway is already terrifically well served for access to Central London and prices generally for flats are less West of the Broadway and as such in percentage terms an increase is more acutely felt.
After reaching record levels in autumn of 2012 the average price of a property in the W5 post code area has fallen back as attention appears to have shifted to the lower priced properties. Meanwhile in West Ealing prices have moved to new highs with a quarterly average of over half a million for the first time ever.
Overall the price of homes in W5 have fallen back from record levels to average £431,510. Although the area has previously averaged over half a million the fall is not as steep as it might first appear. There was a doubling in the number of flats sold compared with the previous three months and this type of lower priced property made up an unusually high 70% of homes sold.
In West Ealing (W13) the average price is now over half a million pounds, the highest level ever reached. This simple average may provide a misleading impression of relative property values in the two areas. There was no surge in the sales of flats as seen in W5 to drive down the average and if you compare the price of the average terrace house and the price of the average flat they remain higher in W5.
Richard Palfreeman from Northfields says '' Our three Ealing based offices are seeing increased interest from buyers and tenants willing to pay a premium price for high quality properties such as Dickens Yard in Ealing Broadway.
''Corporate tenants of the caliber that we've found to let a two bedroom flat in Dickens Yard recently have told us that they are keen to be situated in the Ealing Broadway area that will be even better connected to Central London than it already is once Crossrail is completed in 2018. Meanwhile, larger family homes in Pitshanger and Northfields are commanding higher sale prices. For example, we have just sold a property in Montpelier Road W5 for over 3million to buyers referred from our Paddington office who see the future potential in Ealing.
"We have noticed a marked shift in the areas people searching will consider when buying homes in the area, with West Ealing and Hanwell featuring heavily on many people's wish lists. People registering are aware that house prices in these areas which have historically been more affordable are set to go up as the deadline for Crossrail comes closer. As a result many buyers are keen to purchase property before the prices rise."
London was the best performing part of England and Wales during 2012 with an increase of 8.4% The average price of a home in London is now £371,223 according to the Land Registry.
For England and Wales as a whole prices rose by 1.7% over the year to £162,080.
The most up-to-date figures available show that during October 2012, the number of completed house sales in England and Wales decreased by 3 per cent to 56,337 compared with 57,988 in October 2011.
The number of properties sold in England and Wales for over £1 million in October 2012 increased by 14 per cent to 623 from 548 in October 2011.
All regions saw a decrease in repossessions between October 2011 and October 2012 ranging from 8 per cent in the South East to 35 per cent in the North East.
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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March 13, 2013