Camden house prices continue to fall as prime property market stalls
- Credit: PA ARCHIVE IMAGES
House prices in Camden fell 2.7 per cent in the last year compared with a rise of 12pc across London as a whole according to figures from the Office for National Statistics (ONS).
The average price of a property in the borough in August was £797,901, up 2.3pc from the previous month but still lower than the average sold price for June, according to new data from the UK House Price Index (HPI). The average price for a property in London is now £488,908.
Super-prime property sales (those with a value of more than £10m) fell by 86 per cent in the three months to August 2016 compared to the previous year, according to figures from London Central Portfolio Limited (LCP).
Helen Duncan, director of Property Divas said: “Things have been hedonistically priced round here for a period of time so when we see any levelling out it doesn’t mean prices don’t remain robust.
“Sales are busy, whether to overseas buyers capitalising on the exchange rate or to people with cash funds who are deciding to invest in bricks and mortar because of financial uncertainty, but it’s more on the investment flats and the buy to lets in spite of April’s three per cent stamp duty hike on second homes.
“People want a slice of the NW3 cake. Even if yields are low, they’re looking at it as a long term investment. Some roads have enjoyed 43 per cent growth in the past five years and whilst this probably isn’t sustainable, one hopes capital growth for primary postcodes will remain strong.
“If something’s on at a realistic price there is a buyer for it out there. It’s about having a clear understanding of what the valuation of your property is in the market that we’re in.”
Property expert Henry Pryor cautioned people to remember the August HPI figures relate to sales agreed in May and June and as such cannot represent the post-referendum landscape.
“We’re just going in to the woods,” he said. “Back in April life was already changing and the result compounded and confused the already confounded situation created by those who, in their wisdom, made changes to stamp duty and land tax.”
Transaction friction combined with political uncertainty means buyers and sellers are finding it increasingly difficult to come to satisfactory arrangements.
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“The market is not functioning as efficiently as it should,” said Mr Pryor. “It’s a period of huge uncertainty because no one knows what anything is worth.”
“I can’t think of a better time to carve out a good deal if you are diligent and read the market as accurately as possible.”