There has been no escape from televised coverage of burning buildings, violence and looting that erupted in London, and Ealing in particular. With the death of Richard Bowes, making Ealing even more discussed by the press, will the reputation of our normally peaceful, leafy green borough be tarnished to the point that our property prices will be affected?
The crux of it is that the recent problems in Ealing are unlikely to have a long-term impact on the property market.
The latest figures released by Righmove.co.uk show that in August, Ealing was the top performing borough in London with the highest asking prices in the capital. At a time of year when asking prices usually go down due to so many Londoners being on holiday, Ealing’s asking prices were down only 0.2% on July’s prices. Compared to boroughs such as Greenwich where falls of 4.3% were recorded, it is clear that Ealing will continue to enjoy its reputation as “Queen of the Suburbs”.
Compared to elsewhere in the country, prices in the capital have remained buoyant. Prices now stand at just 3.3 per cent lower than their highest ever point, in February 2008.
The lack of properties built over the last four years coupled with low interest rates is what has been cited for the increase in prices.
While the unrest and destruction in Ealing is unlikely to cause overseas investors to reconsider London’s status as a safe haven, it may have a short term impact on London’s property value resilience to date. However, once the riots cease to be the constant and ever-present news item, London and Ealing will continue to be seen as a safe area for investment and for living. Most property investors realise that property investment must be taken with a long-term view. As quickly as the riots struck, they will dissipate in people’s minds.
The high numbers of arrests and the promise of more robust policing should go some way toward both reassuring the community and discouraging further disorder.
Businesses in Ealing and the residents who use them will also be reassured by, Prime Minister David Cameron’s announcement that businesses affected by the riots will have access to a 20 million pounds support fund and a pledge to examine rules stopping shops from using protective shutters.
Northfields Estates has been selling and letting property in Ealing for over 25 years and has watched Ealing's reputation persist through various economic conditions and issues. As Ealing has such great transport links, a wonderful selection of state and independent schools, as well as a wealth of beautiful properties to choose from, property prices will not be affected for any great length of time by an incident that many residents will know is an aberration.
If you want to know how much your property might be worth, call our sales team on 0208 840 6666 to arrange your free valuation or request your valuation online by clicking the link.