House prices in Ealing drop 7%

Figures out today show home prices in Ealing borough dropping a substantial 7% on the same period last year.

Spring and summer are normally times when prices increase the most though a number of factors appear to be causing issues.

This data comes from LSL who are second only to the Land Registry when it comes to the thoroughness of data. They include all house purchases unlike many other indexes which are limited to mortgages or asking prices alone.

Prices have grown so much those at the bottom who are renting just cannot afford to buy even their first home as the ratio of wages to prices spiraled.

Add in wider economic sluggishness and high prices do not seem sustainable. Most new builds are unaffordable except to overseas buyers who are increasingly turning away as hopes of quick profits evaporate.

As autumn approaches prices would appear likely to continue falling.

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