Nine flats in the Dickens Yard development sell for over a million pounds

The third quarter of 2017 saw a resurgence in activity in the market for flats in Ealing with brisk sales at the Vista House development in Dickens Yard. This includes nine purchases of units for over £1,000,000.

The 49 new build flats changing hands boosted the average sale price of a flat during the period in the W5 post code area as well as the overall average which now stands at £724,059 according to the Land Registry.

Sales in West Ealing were also quite robust compared to other parts of London which are seeing turnover levels collapse. The average price in the W13 area is £752,809 which is up 24% over the same period last year however the rise as more to do with a shift in activity away from flats to higher priced houses.

According to the Nationwide House Price Index prices in London were down for the first time in eight years in September. It was the weakest performing region in the country with prices down by 0.6% year on year. Overall prices in the UK were up by 2.0% over the same period.

Robert Gardner, Nationwide's Chief Economist, said, “The annual rate of house price growth remained broadly stable in September at 2.0%, compared with 2.1% in August. Housing market activity, as measured by the number of housing transactions and mortgage approvals, has strengthened a little in recent months, though remains relatively subdued by historic standards.

“Low mortgage rates and healthy rates of employment growth are providing some support for demand, but this is being partly offset by pressure on household incomes, which appear to be weighing on confidence. The lack of homes on the market is providing ongoing support to prices.”

The direction of price movement is confirmed by the Royal Institution of Chartered Surveyors (RICS) which is also saying that prices are declining in London.

The latest report from the RICS report on says that the number of buyers and sellers is falling and sees the short-term outlook for prices as continuing to be poor. Most surveyors are predicting lower prices over the next three months.

They also believe the rise in base rates this month will also depress the market with around four million mortgage seeing a rise in interest rates as a result of the Bank of England's decision to increase rates by 0.25% to 0.5%.

Simon Rubinsohn, RICS' chief economist said, "The combination of the increased cost of moving, a lack of fresh stock coming to the market, uncertainly over the political climate and now an interest rate hike appears to be taking its toll on activity in the housing market.

"A stagnant second-hand market is bad news for the wider economy, not just in terms of spending, but also because it restricts mobility."

Source: Land Registry

March 8, 2018