Hampstead property market drags Camden house prices below £1million

House prices in Camden have fallen below £1million for the first time in nearly two years

House prices in Camden have fallen below £1million for the first time in nearly two years - Credit: PA Archive/PA Images

Average house prices for Camden homes have fallen below £1million for the first time since January 2015.

Asking prices for houses in Camden fell the most in London in December 2016, dropping 17.7 per cent since the same time last year.

The price of homes in the borough has fallen to an average of £994,411, a 15 per cent drop from November.

House prices in London as a whole remained more or less stagnant, dropping 0.1 per cent year on year, in line with typical seasonal price drops for December, with some of the cheaper outer boroughs recording strong annual growth.

Hampstead estate agents have been reporting softening prices and plummeting transaction numbers the spring.

Brexit jitters are in part to blame for the failing property market but the biggest hurdle for buyers in such high value areas as Hampstead, Highgate and Primrose Hill has been the hefty hike in Stamp Duty in higher price brackets – for anything above £936,000.

Rightmove forecast that property prices in inner London would fall five per cent in 2017 and said that demand from buyers looking for homes in London had dropped seven percent.

Rightmove director, Miles Shipside, said: “Demand for mass-market housing remains undimmed, though buyers’ budgets are restricted and agents report that over-priced property is being shunned.

“Cheap and available mortgage money is a big factor in driving demand, and continuing market buoyancy next year will depend on banks remaining willing and able to lend.”