|Ealing Property Prices Still Climbing|
Average home in West Ealing rises by 25% over a year
Property prices remain strong in Ealing but it's West Ealing which is now reaching record levels.
According to the latest figures from the Land Registry an average sale in the W5 post code area is £603,889 with the W13 post code area now at £619,066 up by 25% compared with the same period last year.
The numbers, which are for the last three months of 2014, may give a slightly misleading picture because of the higher proportion of flats sold in W5. Individual property types i.e. flats or terrace houses still cost more in the W5 area.
Ealing W5 prices are down from the peak in the previous quarter but are still historically high. Flat prices in the area are at a record high but the overall average has been driven down by reduced activity at the top end - possibly due to stamp duty changes.
Ray Upcraft from Russell Collins says: "Randomly the stamp duty increases as you get closer to £1m and co-incidentally or otherwise it’s the market just below that level which is the busiest.
'Properties between 700k-900k definitely seem the most sought after, partly because they are generally in good school catchments.'
Donald Collins for Go View London says: 'Around election time there is always some uncertainty in the market and I think this election more than any other will have an effect on the market given the various posturing over stamp duty, tax in general and mansion tax.
'Furthermore, 49% of members of The Royal Institute of Chartered Surveyors (RICs) polled in their recent February statement said they believed prices were going to continue to fall from their Autumn 2014 peak. This of course is London wide data and doesn’t take account of the ‘Crossrail’ effect we are experiencing in the Ealing and Acton.
'Nevertheless, if you are looking to move upwards into a bigger property now could be a great time to offer on a larger property.'
London continues to be the area of the country seeing the strongest price growth. During December the average price in the capital was £464,936 up another 1.8% compared to the previous month to bring the annual price rise to 16.8%
The December data shows a monthly price increase of 0.6 % bringing the annual price change to 7.0% and the average house price in England and Wales to £177,766.
The number of property transactions has increased over the last year. From July 2013 to October 2013 there was an average of 75,201 sales per month compared to 82,067 for the same period in 2014.
Simon Rubinsohn, RICS Chief Economist, said, 'Despite the slowdown, there is optimism that the stamp duty reforms will deliver a 2-5% boost in both sales and prices over the next 12 months, despite members in London expecting sales to decrease by between 5-10% and prices to decrease by 2-5%, with larger properties and/or those in prime areas expected to see the biggest price decreases.'
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.
17th February 2015