Camden house price rises grind to a halt as London loses its ‘boom-town crown’ to South East
- Credit: PA Wire/Press Association Images
Camden borough recorded the third smallest house price growth in London this month, increasing just 0.5 per cent as the South East overtook London as the country’s fastest annual riser.
According to data from property website Rightmove, the borough saw a jump from an average house price of £1,018,009 to £1,012,654 and only performed stronger than Tower Hamlets (-0.3 per cent) and Brent (-4.4 per cent), providing another indication that London’s property boom is starting to ease.
Following October’s usual trend of seeing a price-rebound, the city as a whole cancelled out falls in three of the last four months with an average rise of 7.0 per cent, but its annual growth of 9.6 per cent fell behind the South East’s 10.0 per cent.
Miles Shipside, Rightmove director and housing market analyst, said: “London’s boom in property prices has meant areas further out are now looking much more attractive in comparison.
“The ripple effect of buyers priced out of London, combined with those cashing in and moving out of the capital, mean that the South East has taken London’s boom-town crown.”
Neighbouring boroughs Islington and Haringey showed October’s highest London growth (8.7 per cent) and third highest (6.3 per cent) respectively.
However this is likely due to the tendency for owners of high end property to come to market in autumn after a lull in the summer, which contributed to last summer’s price downturn and the city’s large 7.0 per cent correction this month.
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Mr Shipside added: “This is not a resurgence of the London boom, but a quirk of the marketing timings of some London property owners.
“The three highest priced boroughs all see substantial October increases for example.
“Prices have effectively stood still over the last four months, an indication of the slowing market in some parts of the capital.”