|Ealing Property Prices Surge to New Highs|
Average price in W5 rises to above £600,000 as flats lead the market
The Ealing property market has continued to see strong upward movement in prices according to the latest official figures.
Recently released data from the Land Registry shows that the average property price in the W5 post code area has reached a new all-time high surpassing £600,000 for the first time in the second quarter of this year. This represents a 6.1% increase from the same period last year.
In West Ealing (W13) prices are also at record levels rising to an average of £575,849, an increase of 17.2%
The most active sector of the market in Ealing recently has been flats. They have seen double digit rises in price compared with the first three months of the year although in W5 flat prices have fallen compared with the same period in 2013. This is due to the period for comparison being a time when many high priced new units in central Ealing.
Donald Collins of Go View London said, "We are seeing a continual trend for high net worth individuals relocating and investing in Ealing. We have a tremendous buzz to the place and currently have clients registered from all corners of the globe looking to invest. Some of the prices we have obtained for clients are eye watering even to a seasoned veteran like myself! And, we have worked very hard researching all sold property to ensure we have enough comparables to keep the lenders onside with the valuations.
"Family houses within central locations continue to be at a premium, but please note some caution with interest rates widely expected to rise by the year's end, this could yet be the best period to get your house on the market and obtain the best price possible."
Rudolph Diesel of Orchards of London struck a note of caution saying, "there has been some cooling of house prices in Central London in recent weeks and, whilst activity levels remain strong, the frantic levels of activity seen earlier in 2014 are subsiding.
"With summer holidays dominating many people’s agendas at the current time, it is likely to be the autumn before there is another pick-up in activity and this is likely to be at a steadier level as the effects of the mortgage market review have made the obtaining of a mortgage a more time consuming process and talk of a rise in interest rates become more pronounced.
"There does however remain a shortage of good quality housing supply and this will ensure that property values at least hold as we look to the future."
John Rigg, a director at London Estates, was more upbeat saying, "Prices have flattened in the second quarter although confidence is high from both vendors and buyers alike. Asking prices are still bullish at vendors' request, but sale and asking prices have a slightly wider than usual gap."
He reports a big increase in buying interest in 1,2 and three bedroom apartments and huge interest from developers for sites in Ealing following on from his firm's success at Westbury Road and the large developments they have coming to fruition later in the year in W5, at £4 million and £5.5 million respectively. As a result he expects the September market to be strong
The average price in London during the month of June was £437,608 which is up by 16.4% compared with the same month in 2013. For England and Wales as a whole the average is now £172,011 compared with the peak of £181,466 in November 2007 up by 6.4%.
The most up-to-date figures available show that during April 2014 the number of completed house sales in England & Wales increased by 31 per cent to 66,659 compared with 51,022 in April 2013.
The number of properties sold in England and Wales for over £1 million in April 2014 increased by 39 per cent to 1,028 from 740 in April 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.
August 14, 2014