|Ealing Property Market At Peak|
Average price for a terrace now well over half a million
The property market in Ealing is busier than ever with the highest turnover of sales in the last six years.
According to latest figures from the Land Registry (from July - September) in the W5 postcode, 214 exchanged hands - an increase of 50% in the same period last year. Terraced houses here are now averaging at £646,136.
Ray Upcraft from Russell Collins says, ''The peak of 2007 is very much now the peak of 2013. We are selling properties for dramatically more than that period and in some cases £50-100,000 more than at this time last year. The so called ‘bubble’ shows no signs of bursting and, if anything, the market is getting stronger.
''School catchments, Crossrail, and the general convenience of the area are the main attractions. That’s before we even talk about any Government schemes.''
Flats are being snapped up in W5 - but it's the less expensive ones - prices aren't as high as the previous quarter.
The fall in average property prices (-9.8% in quarter) is mainly due to a sharp fall in the average price of flats and the cheaper end of the market being favoured - or possibly sales in premium developments such as Dickens Yard are no longer making up the numbers.
Donald Collins from agents Go View London agrees that it's been a 'remarkable year' for property:
''We have experienced fierce bidding between parties for properties. At all price ranges from £300k to £2.5 million we have had multiple offers.
''In ten years of working in this area the only market that came close was in 2007.
''As soon as properties are coming to the market they are being swamped with viewings, but once under offer we are finding previous viewers are coming forward with additional offers and we have to clear with certain buyers over the purpose of best and final bid.''
In W13 there aren't as many sales but prices are look stronger - this quarter up 7.4%. A terraced house here is going for an average of £572,850.
Flat volumes also up but they are a smaller proportion of the market in this area with 68 sales compared to 121 in W5.
The September data from Land Registry's House Price Index shows that London remains the best performing property market in England and Wales. The average price of a home in the capital rose by 9.3% over the year to £393,462.
Jon Pishiri, RICS London residential spokesperson commented, “Increasing demand and continuing low supply are major determinants in London prices being pushed up. The Help to Buy initiative coupled with rising rental values are further encouraging people to purchase a house as opposed to renting. There is an obvious need to increase supply to the market in order to address this problem.”
For the country as a whole prices rose by 3.4% which takes the average property value in England and Wales to £167,063. Repossession volumes decreased by 28 per cent in July 2013 to 1,187 compared with 1,645 in July 2012.
The number of properties sold in England and Wales for over £1 million in July 2013 increased by 34 per cent to 1,143 from 852 in July 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.
November 14, 2013