|New Highs for Ealing House Prices|
Lagging flat values may indicate looming oversupply
Ealing property prices have continued to rise with new records being set during the first three months of this year.
Recently released data from the Land Registry shows that the average property price in the West Ealing area (W13) has reached a new all-time high with the level reaching £558,026 up by 20.4% from the same period last year.
In the W5 post code area the overall average has fallen slightly from the peak seen at the end of last year but is still up by 14.7% compared with the first three months of 2013 to £581,074.
A closer look at the underlying numbers suggests that the headline number masks continued rises in specific areas of the market. The average sale price of a terrace house in the area has topped £700,000 for the first time. However, the average price of a flat in W5 has been static over the last year possibly indicating that the prospect of significant future supply is overhanging prices.
Donald Collins of Go View London said, “We continue to see high levels of buyer confidence which is leading us to achieve premium value on Ealing housing stock. Our buyers, especially those relocating from central London, are very bullish at present and are keen to bid up to secure their chosen property.
Mr Collins goes on to sound a note of caution for the medium term, “Potentially you do need to consider a potential interest rate rise post next year’s General Election. The Bank of England sets interest rates, but one imagines a certain type of political pressure comes to bear in these situations and any interest rate rise would obviously be unpopular prior to the election."
Vikash Gandhi from haart said: ''The market in Ealing is going from strength-to-strength with both the value of properties as well as the number of transactions on the increase as we fast approach the summer months. The team believe firmly in offering customers and clients accurate and honest information in order for them to be able to make informed decisions.”
Over the last twelve months London as a whole has seen a rise in average values of 12.4% making it the strongest performing area in the country. The average house in the capital now costs £414,490.
For England and Wales as a whole, Land Registry figures show that the average prices is up by 5.6% over the last year to £ 169,124 although they are down compared with February.
Repossession volumes decreased by 31 per cent in January 2014 to 979 compared with 1,420 in January 2013.
The most up-to-date figures available show that during January 2014 the number of completed house sales in England & Wales increased by 46 per cent to 63,123 compared with 43,373 in January 2013.
The number of properties sold in England and Wales for over £1 million in January 2014 increased by 61 per cent to 1,011 from 628 in January 2013.
In a forthcoming edition of the Ealingtoday.co.uk newsletter there will be a complete listing of recent property sales in the area.
To register to receive it click here.
Data in this report is subject to crown copyright protection.
May 14, 2014