Demand for family properties in the Ealing area is driving property prices up. According to an article on EalingToday.co.uk, the average house price in the W5 postcode is topping £500,000. This amounts to a 20.2% rise when compared to last year’s prices, while in W13 prices were up 13.9%. In the W13 postcode area the average house price hit £463,353.
Working flat out
The number of flats sold during the first three months of the year was up by 84.2% according to Ealing Today. Average prices for flats have reached record highs with an all-time high of £356,000 being recorded.
Interestingly, if you compare the number of flats being sold with the number of houses, it is clear that although both flats and houses have seen rising prices, the houses have not seen an increase in transaction numbers. In fact, the volume of house sales in W13 has dropped. The lack of activity at the top end of the market could well be attributed to families who are holding onto their properties, particularly those that sit within well-regarded school catchment areas.
Ealing’s Golden Triangle
As the only agent in Ealing with three offices, one in each of the three keys areas of Ealing’s Golden Triangle made up of Ealing Broadway, Northfields and Pitshanger, Northfields is uniquely placed to have an overview of the market. As result of our expertise in the Ealing area we can say that there is a great deal of competition for family homes, especially where well-reputed school catchment areas are concerned.
For example, Northfields sold a 3 bedroom house in Fowler’s Walk, W5 in November 2012 for £470,000. At the time, the sale was the highest price attained on the road for the last 3 years.Fowler’s Walk is a microcosm of the Ealing market”, explains Sales Manager at our Pitshanger office, David Orpin. “With people hanging onto to the highly desirable properties in W13 and W5, there are more people competing for fewer available properties resulting in a demand that has driven prices upward.”
With our new sales office in Ealing Broadway, Northfields has offices in the three key areas of Ealing, so sellers will be sure that their properties will be seen by buyers registering in all three areas to capitalise on competition for the highly desirable family homes that don’t stay long on the market.
To get an opinion on how your property’s value has been affected by changes in Ealing over the last year, call us for a free, no obligation valuation of your home on 020 8740 6622. There’s no pressure, no fuss and it only takes 20 minutes.