Camden and Haringey see significant drop in house prices in August

11:34 18 August 2014

Pic credit: Johnny Green.

Pic credit: Johnny Green.

PA Archive/Press Association Images

The average house price in Camden has fallen by nearly £80,000 in a month, the second biggest drop in London.

New seller asking prices in Camden fell by 7.2 per cent to £1,026,896 in August, while the market across the capital has slowed by 5.9 per cent.

According to the Rightmove house price index, the slowdown is most marked in the top-priced boroughs – the seven biggest fallers include the four most expensive million-pound plus boroughs of Kensington and Chelsea, Westminster, Hammersmith and Fulham, and Camden.

Haringey also continued to see a drop, with average prices falling 6.5 per cent to £597,854.

Miles Shipside, Rightmove director and housing market analyst, said: “Top-end sellers are very much discretionary ones, so can delay marketing till a more active time of year. That tends to depress property prices more in the higher-priced boroughs, with those that need to sell in summer pricing lower to attract holiday-distracted buyers.”

Estate agents are blaming recent announcements about interest rates by the Bank of England and banks taking longer to process mortgage applications for the slowdown in the market.

This summer has also seen a surge in the number of properties put up for sale, with a 20 per cent on the same period in 2013, meaning supply has increased at a time when demand traditionally goes down.

Latest Property News

Yesterday, 12:12
Copenhagen Rooms, King's Cross

The spread of high-speed and fibreoptic broadband and new laws designed to facilitate flexible working, alongside recent economic woes and the concurrent rise in freelance work and small startups, mean that working from home has never been more common.

Saturday, November 22, 2014
Honey bee pollinating a honeysuckle. PA Photo/thinkstockphotos

For some time, environmentalists and horticulturists have been urging gardeners to let their grass grow a bit longer, leave at least one area of their garden ‘wild’ and create nooks and crannies in the form of log piles to allow wildlife to flourish.

Friday, November 21, 2014
Michael Raza of David Key, Hampstead branch

As part of the community in which they are based, north London estate agent firm David Key has a strong charitable ethos and work with Langdon, a charity for autistic children, as well as donating a proportion of their bottom line profit to local schools.

Friday, November 21, 2014
Crouch Hill

Crouch Hill, Stroud Green, call it what you will, this pocket of north London is a hidden gem. Nestled between Finsbury Park, Holloway and Crouch End, the area is full of young house sharers, families and a relatively high proportion of social housing tenants, who enjoy the green spaces, sports facilities, friendly pubs and cheap restaurants.

Ham & High property

Image
Read the Ham&High Property e-edition today E-edition

Wood & Vale property

Image
Read the Ham&High Property e-edition today E-edition

Property search


e.g. Oxford or NW3
Powered by Zoopla