Camden and Haringey see significant drop in house prices in August
11:34 18 August 2014
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The average house price in Camden has fallen by nearly £80,000 in a month, the second biggest drop in London.
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.