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.”

Other Hampstead and Highgate property news

New property development Clarendon opens in Haringey Heartlands

Property developers St William are transforming the old Clarendon Gasworks into a residential and commerical city village as part of the Haringey Heartlands development.

Wasps: a total nuisance or horticultural hero?

They may be the biggest nuisance at summer barbecues, but wasps are also of great benefit to the garden - but how so? A top entomologist reveals all

Seven ways to make sure your dahlias dazzle this summer

As dahlia societies nationwide stage their annual shows this month, expert Katie Kingett offers seven tips to success with these late summer showstoppers

Rug designer Sonya Winner, opens showroom in Dartmouth Park

Emma Rice talks to rug designer Sonya Winner about her passion for colour and her new inspirational showroom in Dartmouth Park

Inside the St John’s Wood home of interior designer, Brian Woulfe

This elegant apartment in St John’s Wood has been carefully curated by interior designer and former concert pianist, Brian Woulfe

House price gap between London and regional cities set to narrow over next two years

The property price gap between London and other cities around the UK is predicted to narrow in the next two years according to figures published by Hometrack

Most Read

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter

Our Privacy Policy

2018 © Archant Community Media Ltd

Terms and conditions | Cookie policy | Jobs at Archant