October 24 2014 Latest news:

Local Weather

Rain

Rain

max temp: 16°C

min temp: 10°C

Five-day forecast

Camden and Haringey see significant drop in house prices in August

Pic credit: Johnny Green. Pic credit: Johnny Green.

Prudence Ivey
Monday, August 18, 2014
11:34 AM

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

To send a link to this page to a friend, you must be logged in.

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.

Share this article

Ham&High Property E-Edition View

Click here to read the Digital Edition of the Ham&High Property

Wood and Vale Property E-Edition View

Click here to read the Digital Edition of the Wood and Vale Property
 

Property News See all

Cairness in Aberdeenshire is one of the great houses of Scotland, renowned for its impeccable Georgian architecture

Selling your property in Hampstead? Here’s what you could buy elsewhere

If you decide to trade in your property in Hampstead and move out of the village, you may be surprised by what you can get for your money elsewhere.

Read full story »