Prices edge lower in W5 and W13 during the month

The figures released by the Land Registry for November 2010 suggest that prices fell in the Ealing area during the month. The average price of a property sold in W5 during November was £420,280 compared to an average of £446,456 during the third quarter of the year.

The average price of a property sold in W13 during the same month was £394,515. This is well down on the third quarter average although this period did include the sale of two houses for over £1,000,000 (on the Avenue and Carew Road). Excluding these two transactions the W13 average was £411,584 in the previous quarter.

London property prices overall were up by 6.8% in November compared to last year. This is the slowest annual rise in 2010 but remains the highest level in the country.

This brings the average property price in London to £341,009, in comparison to the figure for England and Wales, which is £164,773.

For the country as a whole November's data shows a fall of 0.6%. This is the third consecutive month in which prices have fallen. The annual house price growth rate has continued to decline for the sixth month in a row, with an increase of 2.2%. This is the smallest growth seen in 12 months.

Nationwide's House Price index for December which is based on offer prices rather than actual sales like the Land Registry did show an increase.

Martin Gahbauer, Nationwide's Chief Economist, said, "“There is little evidence to suggest that house price declines are likely to accelerate in the months ahead. Much of the weakness in property values since the Spring has been driven by a return of sellers to the market, following unusually low levels of property for sale in 2009 and early 2010. However, there is little to indicate that these sellers need to achieve a sale urgently for financial or economic reasons, which means that the downward pressure on house prices is only modest."

The latest reported sales are given in the table below.

The numbers below are subject to revision as is it usual that some properties are added late to the Land Registry's database.

Properties Sold in the W5 Area in November 2010

Properties Sold in the W13 Area in November 2010

Source: Land Registry

Data in this report is subject to crown copyright protection.

12 April 2011