Sales at Vista House Boost Activity in Ealing Property


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.

property in Ealing

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."


Ealing W5 Post Code Area Property Prices - (July-September 2017)

Area

Detached

Sales

Semi-detached

Sales

Terraced

Sales

Flat/
mais

Sales

Overall Ave

Overall Sales

W5 1 1625000 1 942643 7 823936 13 406533 15 695352 36
W5 2 2295000 1 0 0 0 0 690665 54 719835 55
W5 3 1445327 5 1271000 5 822375 2 428808 13 832035 25
W5 4 1100000 1 678500 4 841955 11 418990 14 631379 30
W5 5 1391650 1 1006000 3 1297667 3 488125 8 813843 15
Total 1515365 9 983447 19 879669 29 564801 104 724059 161
Change in Quarter -14.0% 125.0% -16.1% 72.7% 2.4% 7.4% 14.6% 82.5% 0.6% 62.6%
Change in year -23.2% -18.2% -22.1% -20.8% 13.1% 0.0% 10.8% -1.0% -4.4% -4.7%
Change in three years -3.2% -47.1% -8.1% -24.0% 24.3% -34.1% 26.1% -8.0% 6.6% -19.1%
Change in five years 1.5% -10.0% 34.6% 5.6% 59.2% -40.8% 81.9% 60.0% 36.4% 13.4%
Change in ten years 18.3% -40.0% 56.5% -45.7% 76.3% -47.3% 95.0% -24.6% 62.0% -33.7%

 

Ealing W13 Post Code Area Property Prices - (July-September 2017)

Area

Detached

Sales

Semi-detached

Sales

Terraced

Sales

Flat/
mais

Sales

Overall Ave

Overall Sales

W13 0 0 0 928262 4 810583 6 514812 16 646675 26
W13 8 1450000 1 1304071 7 803000 5 469667 9 855477 22
W13 9 2050000 1 913333 3 795438 25 418000 7 766721 36
Total 1750000 2 1112968 14 799012 36 480937 32 752809 84
Change in Quarter 79.0% 0.0% 19.3% -30.0% -5.3% 50.0% 6.9% 60.0% -0.4% 27.3%
Change in year - - 0.2% 55.6% 6.7% 44.0% 5.7% -44.8% 25.7% -8.7%
Change in Three Years 254.8% 0.0% 57.2% 133.3% 6.8% 111.8% 20.9% 52.4% 31.6% 82.6%
Change in Five Years 57.8% -50.0% 61.8% -39.1% 65.8% -26.5% 75.9% -31.9% 63.2% -31.7%
Change in Ten Years 52.7% -33.3% 100.7% -53.3% 79.7% -39.0% 72.9% -64.4% 92.0% -53.8%

 

 

Source: Land Registry

March 8, 2018