Average price now 25% higher than last year

Ealing property prices have risen even higher during the autumn months according to the latest official figures.

According to the Land Registry, the average price of a sale in the W5 post code area during the third quarter of 2014 was £679,037. This is up by 26.4% over the previous year.

The rise is all the more remarkable given the change in the structure of the local property market with flats making up a larger proportion of sales in recent years.

Property in West Ealing has also reached an all-time high with the average price in the W13 post code area rising to £619,066 up by 25% compared to the same period last year. Flats have been the best performing sector of the market in this area over the last 12 months rising by over 30%

Ray Upcraft from Russell Collins Estate Agents says: '' There has been no obvious slowdown in the W5 area but as we get nearer to Christmas, that has to be expected. We expect 2105 to begin with a bang regardless given new school intakes amongst other things.

'' Ealing seems to have its own market at times so doesn’t always get the negative press that other areas receive. Rumours are that Fulham/Chelsea and more central areas have completely quietened down which is definitely not the case here.''

London property prices generally are up by 18.4% to £460,521 in the year to end September according to the Land Registry although they are slightly down from the level seen at the end of August. The a average house price in England and Wales is now £177,299 compared with the peak of £181,324 in November 2007. This is a rise of 7.2% compared with the same month last year.

The most up-to-date figures available show that during July 2014 the number of completed house sales in England & Wales increased by 7 per cent to 79,214 compared with 73,749 in July 2013. The number of properties sold in England and Wales for over £1 million in July 2014 increased by 19 per cent to 1,439 from 1,207 in July 2013.

The Royal Institution of Chartered Surveyors (RICS) are striking a cautious note pointing out that demand for property in London has been down for six months in a row. Prices are also falling in more recent months according to their survey which covers sales up to the end of October.

Donald Collins from Go View London says: '' Is this the storm before the calm?  The relocation agents we work with who bring overseas buyers and central London buyers to Ealing are reporting a quieter time for new registrations, but the Ealing and Acton market can be very resilient in comparison to other areas.

''It is hard to fathom just how much the market has moved and all the big institutional investors had previously predicted a flat 2013 and look what happened!  The same institutions now say London is going to be a sluggish market in 2015 so who knows where we will be, especially post the expected General Election.''

London is experiencing a fall in buyer demand with 62% more chartered surveyors reporting a fall over the last month. Significantly, a little more stock is now coming onto the market with 15% more chartered surveyors seeing a rise in new instructions up from 3% more last month. The RICS say that this points to the market in London moving towards a more sustainable position and they remain modestly positive on a twelve month view.

In London, tenant demand was broadly flat over the last quarter. Despite this, rents are still expected to continue to move higher albeit by a little less than 2 per cent over the next twelve months.

Simon Rubinsohn, RICS Chief Economist, said, 'The flatter trend in the market is partly a reflection of potential buyers becoming a little more cautious about making a purchase as more stringent lending criteria has made it harder to access mortgage finance. An increasing awareness of the approaching general election also appears to be contributing to the softer market if the responses to the latest survey are anything to go by. However, with new instructions still flat at a headline level as has been the case for most of the last year it seems implausible that the dip in demand will result in very much of a decline in house prices.'

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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November 20, 2014