Camden and Haringey see significant drop in house prices in August

11:34 18 August 2014

Pic credit: Johnny Green.

Pic credit: Johnny Green.

PA Archive/Press Association Images

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.

Latest Property News

Tomorrow, 12:00
Elsworthy Road

A raised ground floor and garden level five bedroom maisonette, situated moments from the entrance to Primrose Hill.

Fri, 16:46
Park Village East, NW1, John D Wood

London property may be a pretty good investment, but vintage wine is a close contender. Where do you store all the bottles? In the wine cellar of course. Here are three north London properties with space for booze. Don’t drink it all at once.

Fri, 10:50
Thyme, rosemary and lavender in a vintage crate

Spring is here, the sun is shining bright and my attention is turning to all the lovely summer recipes I want to create. Most of these involve herbs in one form or another so growing edibles for me is key.

Thu, 17:34
Weston Park

Homes in Crouch End were built in swathes by local developers and industrialists, many of whom called the streets they built home (look out for houses with special details or surprising pockets of extra space to guess which ones they lived in). The Victorian and Edwardian red brick architecture is highly evocative of this era of rapid urbanisation and many of the homes still boast at least some original features.

Property Newsletter Sign-up

The latest North London property news and features straight into your inbox.

Other Emails:
Fields marked with a * are mandatory
Email Marketing by e-shot

Ham & High property

Image
Read the Ham&High Property e-edition today E-edition

Wood & Vale property

Image
Read the Ham&High Property e-edition today E-edition

New Homes

Image
Read the Ham&High Property e-edition today E-edition

Property search


e.g. Oxford or NW3
Powered by Zoopla