Do Stagnant House Prices Show Ealing is in Decline?

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Property values in the area unchanged over last five years

The average price of a home in Ealing has remained more or less unchanged over the last five years according to the latest official figures leading to some concern that the area is in decline relative to other parts of West London.

In the first quarter of 2006, the Land Registry's numbers showed that the average sale price in the W5 area was £377,168. The average for the first quarter of 2011 is less than 1% higher and over three years prices in the area are down by 7.9% A similar pattern has occurred in the W13 area.

This is in stark contrast to other areas of London. For instance in Chiswick over the last five years prices have risen by 54.1% and in Putney they are up by 38.2%

A recent research report by property consultants Jones Lang LaSalle has estimated that the average rental price per square foot in Ealing W5 is £20.74 lower than the levels achieved in Acton.

The average price in W5 during the first quarter was £379,621. Part of the fall can be attributed to flat sales being relatively buoyant whereas house sales saw a sharp drop in volume. Over the longer term house prices have performed better and are up over the last three years.

Once again this pattern was mirrored in the W13 area where prices averaged £379,621.

Ronan McNamara, Director of estate agents Robertson Smith & Kempson isn't too concerned about the latest figures, he says :

'' The fact is there is so much under laying wealth in West London we will always have a market.  The shortage of properties is largely being caused by the fact that a lot of  homeowners are not moving as they cannot get a bigger mortgage  so they are staying put.''

House prices in London are now the only in the country that have risen compared with the same period last year. The Land Registry's House Price Index shows that the average price in the capital was £336,828 in March 2011 up by 0.8% compared to the same month last year.

For England and Wales the average price is now £160,996 down by 2.3% from March 2010. Prices in the north east have fallen by 9.3% and in Wales they are down by 7.2%.

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.

Ealing Property Prices - January - March 2011

W5 Post Code Area

Area	Semi-Det	Sales	Terraced	Sales	Flat/ Mais	Sales	Total Ave	Total Sales
W5 1	691250	4	460000	8	220175	10	393034	22
W5 2	0	0	0	0	338833	18	338833	18
W5 3	695000	4	0	0	353356	33	390290	37
W5 4	0	0	494621	16	247763	11	394049	27
W5 5	0	0	0	0	322083	6	322083	6
Total	693125	8	483081	24	315633	78	379621	110
Change in Quarter	10.9%	-55.6%	-1.6%	-29.4%	4.7%	36.8%	-14.8%	-4.3%
Change in year	12.6%	-61.9%	2.5%	-7.7%	7.8%	34.5%	-5.5%	4.8%
Change in three years	15.9%	-60.0%	6.1%	0.0%	-3.3%	5.4%	-7.9%	-9.1%

 

W13 Post Code Area

Area	Semi-Det	Sales	Terraced	Sales	Flat/ Mais	Sales	Total Ave	Total Sales
W13 0	0	0	370571	7	197944	9	273468	16
W13 8	751546	6	0	0	249831	12	417069	18
W13 9	0	0	483706	22	252708	24	363185	46
Total	751546	6	456398	29	240988	45	357366	80
Change in Quarter	53.2%	-68.4%	-6.4%	-14.7%	-2.8%	9.8%	-6.8%	-14.9%
Change in Year	20.0%	-33.3%	12.9%	-14.7%	2.6%	32.4%	0.5%	3.9%
Change in Three Years	19.6%	-60.0%	2.6%	-19.4%	-15.3%	-19.6%	-7.6%	-25.2%

 

Data in this report is subject to crown copyright protection.

 

May 20, 2011