Camden homes among hardest hit as London asking prices record biggest fall of the decade

PUBLISHED: 17:30 20 September 2017 | UPDATED: 17:36 20 September 2017

Asking prices have fallen 7 per cent in Camden over the past month

Asking prices have fallen 7 per cent in Camden over the past month


Asking prices for homes in Camden have fallen an average of seven per cent in past month.

This news comes as asking prices for houses in London have dropped on average by £18,000 in the space of just four weeks, according to the property site Rightmove.

The most expensive boroughs, including the likes of Camden and Kensington and Chelsea have been hardest hit. A new seller in the borough of Camden is now asking an average of seven per cent, or almost £75,000 less than the equivalent seller did a month ago. The average asking price of a home in Kensington and Chelsea fell by £300,000 between August and September.

These figures suggest a slump in the high-end central London market, which may be gathering pace as the uncertainty surrounding Brexit continues and tax changes prompt many wealthy investors to sit tight.

Rightmove measured more than 98,000 asking prices in the study, which represented around nine per cent of the UK market for properties that were put on sale between 13 August and 9 September.

A spokesman for the company said its updated methodology went back to 2010, and the annual fall of 3.2 per cent for London was the largest drop so far this decade.

James Morton, director at Benham & Reeves estate agents in north London said: “The three per cent surcharge on stamp duty introduced on April 1 2016 and the uncertainty of Brexit is affecting the property market because investors are less likely to engage.”

The local estate agent went onto add that many homeowners looking to sell are having to take less for their property at the moment, as homes are currently only selling well if they are set at a reasonable price.

“What we are finding is that the properties that are of a sensible price from the outset are the ones selling and selling well. If a home is sensibly priced, the demand is still there and buyers will commit.”

Property search

e.g. Oxford or NW3
Powered by Zoopla

Other Hampstead and Highgate property news

Looking after your lawn: three essential tools

Love your lawn? So, get the right tools to help you maintain it in summer. Hannah Stephenson selects three essentials to make the job easier.

David Walliams is selling Noel Gallagher’s former Belsize Park home

Britain’s Got Talent judge and author David Walliams is selling his Hampstead home for 5.35million with Marcus Parfitt.

Column: Simon Gerrard on choosing the right area to live in

Good fences make good neighbours goes the saying, but fellow residents can have an impact on the enjoyment of your home. North London estate agent Simon Gerrard shares his tips for finding the perfect location.

Seven tips for creating a wellbeing boosting garden

Matt Keightley, the designer behind the Feel Good Garden at this year’s RHS Chelsea Flower Show, reveals how to make your own outdoor space more soothing. By Hannah Stephenson

Nine ways gardeners can be more waterwise this summer

Want to save your plants and save water? Go easy with the sprinkler and embrace these expert suggestions instead, says Hannah Stephenson

For sale: New show homes open at Highgate development

Two new show apartments have opened at a luxury development in Highgate.

Elegant cottage formerly home to renowned poet, A.E Housman, now for sale in Highgate Village

A cottage in Highgate Village where the renowned poet A.E Housman once lived is now available to buy.

Comment: A War of the Roses? The challenges of dealing with property and divorce

Trevor Abrahmsohn, MD at north London agents Glentree, writes about his encounters with divorcing couples selling the marital home

Home of the week: Handsome 5 bedroom property in Hampstead perfect for a family

On the market for the first time in many years is this attractive, substantial detached double fronted family house located in a prime location.

Fancy owning a Picasso? It’s not impossible says Belsize Village gallery owner

Emma Rice talks to Andrea Sylvester about art and how we could all potentially own a Picasso or a Chagall, if that’s what we love

Most Read