Average asking prices rise 19.2 per cent across borough of Camden
PUBLISHED: 11:51 13 December 2017 | UPDATED: 12:43 13 December 2017
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The borough of Camden bucked a trend of falling house prices across London in 2017, according to new statistics published by Rightmove.
The property website’s annual report on the UK’s housing market showed that average house prices across Camden rose by 19.2 per cent compared to December 2016 - the highest increase in London. Meanwhile, average prices in the neighbouring boroughs of Islington and the City of Westminster fell by 10.1 per cent and 8.7 per cent respectively.
Statistics showed that average prices across the capital as a whole fell by 1.8 per cent this year, and Rightmove went on to predict a further 2 per cent drop in asking prices across London in 2018.
Despite this overall rise across the borough, properties at the highest end of the market generally fell in 2017 according to James Morton, director at Benham & Reeves estate agents in Hampstead.
Mr Morton said: “The more expensive areas within the Camden borough have seen their prices suffer in 2017, particularly at the higher end of the price range.
“The significantly diminished demand, due to the uncertainty surrounding Brexit and the excessive Stamp Duty costs, have created a low transaction market. The motivated sellers have had to adjust their prices downwards to sell, but in most cases the serious buyers have responded positively.”
Morton continued to say that: “Unless there is clarity on Brexit and perhaps some reduction on these highly punitive property taxes then we expect 2018 to be similar to 2017.”
Rightmove’s report revealed that the average property price in London is now £605,203, which was more than four times the cost of the North East of England, where the average asking price stands at £146,090.
Miles Shipside, director and housing marketing analyst at Rightmove, said: “2018 will continue the 2017 trend of being a real mixed bag of different price pressures both up and down, but the net result is that we forecast another year of slowing in the pace of price rises.
“Economic and political uncertainty tend to weigh more heavily on the capital, given the large number of residents involved either directly or indirectly.”
Meanwhile, Russell Quirk, founder and CEO of eMoov.co.uk, backed the resilience and staying power of the city. “Although London may take a little while longer to dust itself off compared to other pockets of the UK, the capital remains one of the most sought-after where homeownership is concerned.
“A continued lack of supply along with this overwhelming buyer demand will see the London property market stand tough and eventually return to its former glory.”