Camden homeowners wishing to upsize face 180% price hike
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Camden home owners who want to take their second step on the property ladder face an average price hike of 180 per cent.
While much attention is given to the problems faced by first time buyers, a recent report by property search engine Placebuzz.com shows that the issue is also acute for second steppers, with the figures particularly stark in Camden.
The average price of a one or two bedroom flat in the borough is £750,000, but to buy a terraced or semi-detached house in the same area, buyers need to find an extra £1,350,000.
This is more than double the figure for London as a whole, where houses cost £463,580 more than flats on average.
Andy Hatoum, co-founder of Placebuzz.com, said: “Many couples have to put off moving, and accept they might to have to raise a family in cramped conditions and in areas not necessarily suited to bringing up children.
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“Inevitably, relocation becomes a topic of conversation around the dinner table, but this is not always an option if work or family commitments mean they have to stay local or face horrendous commuter journeys.”
Local estate agents say that the issue for Camden in particular is the period architecture, which restricts the type of accommodation available.
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Hamish Gilfeather, associate director of John D Wood, said: “It is very difficult. We’re selling one- or two-bed flats for around £700,000 but the next step up is a really big jump.
“It’s largely architecture related. In Victorian houses, while a two bed won’t be that much bigger than a one bed, just differently configured, any extra rooms will be spread over more floors increasing the square foot and making it significantly more expensive.”
David Stern, director of Parkheath in Belsize Park, agrees.
He said: “I’d say it’s probably more like 200 pc. A lot of the houses in Belsize Park have been converted into flats so houses are quite scarce.
“If clients have got a flat in this area they might move further afield to Kentish Town or West Hampstead to trade up.”
Camden residents should also take some comfort in the knowledge that they can sell up and move across borough borders to a house in Haringey with change from their flat.
The average price of a house in Haringey is £699,974, over £50,000 cheaper than the average Camden flat.