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House prices: August data shows Camden prices fall again as Brexit uncertainty hits the property market

PUBLISHED: 15:00 22 October 2018 | UPDATED: 18:03 24 October 2018

Should people in Hampstead try and sell their house next year?

Should people in Hampstead try and sell their house next year?

PA Archive/PA Images

Brexit uncertainty is one reason for a slowdown in Camden house prices, says a leading estate agent, as new data show property values in the borough fell 0.8 per cent in August and 2.1pc in the last 12 months.

Brexit uncertainty is one reason for a slowdown in Camden house prices, says a leading estate agent, as new data show property values in the borough fell 0.8 per cent in August and 2.1pc in the last 12 months.

The figures come from the Office for National Statistics (ONS) analysis of the House Price Index. Although prices in the borough remain the third highest of any UK local authority in the country, the market is slowing: the number of sales has fallen 10pc to 1,883 in a year.

In Westminster, although prices crept up in August, the year-on-year fall has been precipitous, with 7.6pc wiped off property values. This is the second biggest loss of value of any local authority in the country.

House prices in Haringey tell a similar, if less dramatic, story. They have risen 0.2pc according to the latest monthly figures, but this doesn’t come close to offsetting a 3.2pc fall since summer 2017.

Conversely, the market in Barnet has been bucking the London-wide trend, with a 3.3pc August rise contributing to a 2.8pc yearly boost.

The figures for Islington show prices unchanged for August. This means – again bucking the London trend – they have seen a small 1.1pc rise this year.

Lawrence Bowles, associate director of Savills estate agents, said the uncertainty over the outcome of Brexit negotiations was fuelling a “tougher lending environment”.

He said: “House price growth in real terms is slowing, and inflation is growing at the rate we’ve been used to over the last few months.

“Buyers, sellers and lenders are all thinking maybe they should wait until they see the outcome of negotiations.

“We would expect to see a bounce at some point, between finding out the Brexit outcome and the start of higher interest rates.”

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