Camden house prices flattening as demand for prime property halves
- Credit: PA Wire/Press Association Images
The London property market is “flattening” but, unlike the rest of the UK, not falling according to two new reports.
Land Registry figures listing sold house prices in the UK show that London house prices fell 0.7 pc last month, although they have seen an annual increase of 18.4 pc.
Prices in Camden continued to rise – just – showing an increase of 0.4 pc last month, while Haringey’s were up 0.9 pc month on month.
Both boroughs saw significant annual rises with Haringey recording an increase in house prices of 23.5 pc and Camden up by 21.2 pc.
Peter Rollings, CEO of Marsh & Parsons, comments: “House prices rises are flattening on a monthly basis, as growth relaxes after a rousing first half of the year. But considered as a whole, the UK property market is still on an upward trajectory and prices have seen a considerable uplift in the past year.
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“As a result, the average price of a prime London home has risen by £163,973 over the past year.”
Marsh & Parsons also found that, while supply in prime London has risen 13 pc in the past quarter, the ratio of buyers for each property has halved since the beginning of the year.
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In January there were 24 buyers for every property in prime London, while the figure dropped to 12 in September.
Meanwhile, new research by real estate adviser Cushman & Wakefield identifies a “tangible pausing, not falling” of prime residential land sales in London in Q3 compared to earlier in the year.
Jack Simmons, Cushman & Wakefield’s head of UK residential development and investment, said: “In the last three quarters of 2014, the London residential market has been typified by a robust land sales period with all types of developers – house builders, housing associations, contractors and privates – fervently buying land to take advantage of a very active international and domestic sales period.
“However, change is upon us: in the last month prime central London house price levels fell; some commentators thought by as much as 20%. But when you aggregate the figures it is closer to about 3%.”