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

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 - Credit: Getty Images/iStockphoto

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.”

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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.”