30 years of property: What lessons can Winkworth teach homeowners, buyers, and landlords in 2023

In 1993, the economy was growing for the first time in three years, inflation was 1.6%, and the average property price in the borough of Ealing was £67,574.

One or two things have changed since then, but one constant has been Winkworth Ealing and Acton. The local estate agent marks its 30^th anniversary this month, having served the community continuously since 1993.

Over the last 30 years, they’ve seen mortgage interest rate relief fall and disappear, the introduction of the buy-to-let mortgage, the 2008 financial crash, and of course the lockdowns of 2020-2021. The 2023 figures tell a very different story from 30 years ago — at the time of writing, inflation is 8.7%, and the average price of a property in Ealing is £526,845.

What advice do they have for those living in the Borough of Ealing today? Winkworth’s Sales and Lettings Director Fiona Lee has worked for the agency since it opened back in 1993. Having seen the market change throughout those 30 years, we asked her what words of advice she would give to homeowners, buyer and Landlords.

‘Obviously the whole country is finding things tough at the moment. Inflation is tightening a lot of belts and interest rates are making it harder to afford mortgages. I’ve lived and worked in this area for three decades, and of course this isn’t the only difficult patch that the neighbourhood (and the country) has had to face. We’ve found our way through before, and we’ll do it again.’

Fiona points out that those looking to sell or rent their property will still find themselves plenty of buyers and renters. Despite the doom and gloom headlines, demand for property in Ealing hasn’t slowed, and Fiona believes that’s down to more than just local amenities.

‘A lot may have changed since 1993, but one thing has been the same for all that time, and that’s the Ealing and Acton spirit. It’s not just the parks, leafy streets, and transport links that draw people here — it’s the sense of community. You really are joining a neighbourhood when you move here, and it’s no wonder we get so many enquiries from people who want to be part of it.’