|Ealing Property Market Still Booming|
Average price for a terrace now well over half a million
Property prices in West Ealing (W13) are at an all time high - and in W5 they continue to climb.
Latest figures from the Land Registry show that between October and December 2013, 103 properties exchanged hands in the W13 postcode area. The majority were flats and maisonettes (50), 30 terraced houses were sold, 17 semi-detached and 6 detached.
A detached house on Regina Road went for £2,300,000 making it the second highest price sale in the area. Sales of flats in W13 are now averaging above £300,000 for the first time.
Meanwhile in W5 there were 189 sales: 108 flats, 44 terraces,21 semi-detached and 16 detached.
A property on Carlton Road recently sold for £3.7 million and one on Gordon Road went for £1,700,000. A detached house in W5 is now averaging at £1.5 million.
Donald Collins from Go view London says: ''We obtained exceptional value for properties in November/December last year but even those sales are now being surpassed by values achieved this year. It is my belief that the local market is being fuelled by low interest rate mortgage products, buyer confidence in future resale value and not to mention Ealing’s growing reputation as a great place to live.''
He adds a note of caution: ''If buying a property don’t be rushed into making a purchasing decision just due to the rising market. You need to keep a clear head and keep in mind that you are looking to make a long term commitment and the mix between location, space and features needs to fulfil your living needs.''
These ever increasing prices could deter new buyers - but that's not the case says Vikash Gandhi from haart estate agents:'' There appears to be no let-up in the market at present. House prices in the area continue to increase - as demand is far out-stripping supply and this trend does not appear to be changing.
''There is certainly no shortage of first-time buyers in the market. The challenge for them is securing a property at the asking price, without being out priced - given market conditions. As a consequence, we are working closely with our vendors and our buyers to ensure that the purchase process is a streamlined as possible."
The December 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 11.2% over the year to £403,972.
For the country as a whole prices rose by 4.4% which takes the average property value in England and Wales to £167,353. Repossession volumes decreased by 28 per cent in July 2013 to 1,187 compared with 1,645 in July 2012.
The most up-to-date figures available show that during October 2013 the number of completed house sales in England & Wales increased by 21 per cent to 71,929 compared with 59,213 in October 2012. The number of properties sold in England and Wales for over £1 million in October 2013 increased by 40 per cent to 913 from 651 in October 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.
February 24, 2014