Average price of a flat in W5 now higher than in Chiswick

After breaking new records earlier in the year, Ealing property prices have moved even higher according to the latest official figures.

The average price of a home changing hands in the W5 post code area in the second quarter of 2013 was £595,775 up by 14.1% on the same period last year.

The most notable sector of the market was flats which saw a huge surge in average price as premium developments close to Ealing Broadway started to be sold. Flat prices in the W5 post code area were up by 44.1% over the year bringing the average above that currently seen in W4.

Turnover in the market is brisk with sales up by 45.1% compared to the equivalent three months in 2012.

Although the average price in W13 did not set a new record this had more to do with the mix of properties sold rather than suggesting West Ealing is lagging behind. There were relatively few larger properties at the top end of the market sold during the period but the prices of both terraced houses and flats in the area hit new record levels.

Prices in the W13 post code area averaged £491,447, a 23.6% rise on the same period last year.

Ray Upcraft, of Russell Collins estate agents said, "‘There has been quite a noticeable increase in the sale prices in the W5/W13 and surrounding areas over the past few months. Partly driven by a shortage of properties hitting the market plus Ealing is always popular because of our excellent transport facilities and primary schools. The increase is expected to continue for some time to come,especially whilst interest rates remain low.’

Donald Collins of Go View London says, 'The doom predictors of 2008/2009 could not have been far more off the mark. I feel sorry for anybody who listened to the advice of these so-called "experts" and delayed the buying decision.

'When you have these property cycles it is important not too get excited or negative when things take a turn for the worse. I predicted in 2009 that Ealing property prices would rise 30-40% by the time Crossrail came through and this will bear out I feel.'

His office is currently advising Far East and foreign based clients looking for a safe investment and they are actively seeking to bring on more staff currently to cope with what they view will be a very bullish Ealing and West London market right through to 2017.

The June data from Land Registry's House Price Index shows that London saw a sharp rise in prices during the month up by 3.1% compared with May. It remains the best performing property market in England and Wales rising by 6.9% over the last year to £383,930.

For the country as a whole prices only rose by 0.8% over the year which takes the average property value in England and Wales to £162,621.

The most up-to-date figures available show that during April 2013, the number of completed house sales in England and Wales increased by 12 per cent to 48,367 compared with 43,252 in April 2012.

The number of properties sold in England and Wales for over £1 million in April 2013 increased by 45 per cent to 703 from 484 in April 2012.

The West Midlands was the only region to see an increase (8 per cent) in repossession sales between April 2012 and April 2013. The region with the greatest fall in the number of repossession sales was London where repossessions dropped by 37 per cent (April 2013 compared with April 2012).

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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Data in this report is subject to crown copyright protection.

August 22, 2013