Camden property prices see strongest increase in London this quarter
- Credit: PA Wire/Press Association Images
Camden has topped yet another house price table as the borough with the strongest annual price change, seeing a year-on-year increase in average prices of 42 percent, despite reports of a cooling in the housing market in the past few months.
This is up on Q2’s 36 pc change, a different picture to London as a whole, which saw a slight softening in the annual pace of price growth, from 25.8 pc in Q2 to 21 pc this quarter, according to the Nationwide House Price Index for November.
This index gives a slightly different picture to other reports as it measures agreed mortgage loans, so is a reflection of sold prices rather than average asking prices.
Robert Gardner, Nationwide’s chief economist, said: “The price of a typical UK house rose by 1.5% in the third quarter, after allowing for seasonal effects. Prices were up 10.5% compared with the same quarter of 2013.
“Amongst the English regions, the South continued to outperform, with double digit annual growth rates recorded in London, Outer Metropolitan, Outer South East and East Anglia. The North was the weakest English region, with prices up 4.3% over the year.
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“Prices in the capital are now 31% above their 2007 peak, with the price of a typical London property just above £400,000.”
However, even London saw significant regional variation between boroughs, with the Haringey seeing the next strongest annual price change after Camden, with an increase of 31 pc.
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This represents a slight softening from Q2, when the annual percentage increase was 32 pc.
Westminster remains the most expensive borough, with average property prices for the quarter totalling £984,075 (Camden was second highest at £884,103), but saw a softer year-on-year increase of 26 pc.