Mixed Fortunes for House Prices

---

Headline figures mask positive news for local property

Property prices in Ealing appear to be falling according to the latest official figures but a closer look at the data suggests a more positive view of the market.

The average price of a property in W5 is now £410,563 down by 4.4% on the previous quarter but up by 28.3% compared to the very depressed levels seen at the same time last year.

The most notable thing about the figures is the significant increase in volumes with transactions up by nearly 200% compared with the first quarter of 2009. The number of semi-detached properties sold was up substantially. Despite this recovery in volumes the number of transactions is still at half the level it was three years ago.

In W13 the average property cost £355,501, down by 16.3% on the previous quarter and 7.8% on the year. The price fall seems to have more to do with the change in the mix of properties sold as flat sales were up 385.7% Semi detatched and terraced houses have risen in price over the last year.

London has been the best performing region of the country over the last twelve months to the end of March with the average price in the capital rising by 13% to £336,409. The rest of the country has seen rises of 7.5% bringing the national average to £164,288 although prices did fall slightly during March.

Right Move's House Price index, which is based on offered prices rather than sales prices, is showing that in April sellers ignored pre-election concerns and put prices up by 2.6% in the month. In London the average asking price is now £421,822.

Miles Shipside, commercial director of Rightmove said, “Rarer property types in desirable locations are achieving record prices. For ‘location, location, location’ you can also read ‘cash, cash, cash’. Conversely, in areas where buyers have less access to cash or mortgage finance, or there is an over-supply of a certain property type, then sellers are having to price much more aggressively to secure a sale. There is increasing divergence between these different markets, with agents reporting some pockets where a couple of viewings find a cash-rich buyer,
whereas a few miles down the road it’s taking over 20 viewings to achieve a sale”.

Although political uncertainty appears to have had little impact on property in the UK thus far he expects the market to go into 'suspended animation' until a clearer picture emerges on the stability of the new Government.

 

Ealing Property Prices - January - March 2010

W5 Post Code Area

Area	Semi-Det	Sales	Terraced	Sales	Flat/Mais	Sales	Total Averages	Total Sales
W5 1	513944	9	523118	8	249625	4	467092	21
W5 2	0	0	0	0	333977	22	333977	22
W5 3	570833	3	0	0	267240	13	324164	16
W5 4	493750	4	411300	15	242645	10	364516	29
W5 5	922000	5	634400	3	304105	9	544126	17
Total	615381	21	471448	26	292819	58	401563	105
Change in Quarter	15.1%	10.5%	4.6%	-31.6%	4.8%	-12.1%	-4.4%	-19.8%
Change in year	75.8%	600.0%	24.3%	100.0%	10.8%	190.0%	28.3%	191.7%
Change in three years	8.4%	-19.2%	11.8%	-56.7%	-5.2%	-56.7%	-6.1%	-55.9%

W13 Post Code Area

Area	Semi-Det	Sales	Terraced	Sales	Flat/Mais	Sales	Total Averages	Total Sales
W13 0	0	0	354064	7	202305	9	268700	16
W13 8	582000	4	487916	6	288941	9	413472	19
W13 9	662000	5	397357	21	222746	16	362344	42
Total	626444	9	404425	34	234857	34	355501	77
Change in Quarter	2.5%	-52.6%	-7.3%	-20.9%	4.7%	9.7%	-16.3%	-19.8%
Change in Year	6.7%	12.5%	14.6%	161.5%	8.9%	385.7%	-7.8%	175.0%
Change in Three Years	14.4%	-64.0%	6.1%	3.0%	3.9%	-40.4%	1.2%	-34.7%

 

Data in this report is subject to crown copyright protection.

May 12, 2010