Haringey housing market falls by 2.6 per cent as London switches attention to Fifa World Cup
- Credit: PA Wire/Press Association Images
Property prices in Haringey, as in many parts of London have continued to drop for a second month, according to The Rightmove.
On average house prices are £5,590 cheaper than in May across the capital, but in Haringey they have fallen by nearly £17,000 - or 2.6 per cent.
A drop which makes Haringey one of the worst performing London borough’s for July, along with Wandsworth, Kingston, Islington and Bromley.
Prices, traditionally speaking, do fall during holiday seasons like in the summer, but Miles Shipside, Rightmove director and housing marketing analyst comments, has called the news “quite a turnaround” after prices shot up earlier this year.
He said: “This summer’s falls are a sign of some sellers asking beyond what buyers and lenders judge to be affordable with prices now an average of more than £70,000 higher than a year ago.”
Furthermore, with more sellers entering the market, looking to take advantage of an escalating demand, the buyer was soon provided with more choice.
Mr Shipside added: “More new sellers pushes down prices as buyers have more negotiating power and sellers realise they have to pitch lower to stand out and attract potential buyer attention.
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“The competition seems to be getting fiercer, with nearly a third more sellers coming to market than in the same month a year ago.
“It has taken a jump of those proportions to help stop prices rising, though in the meantime some buyers will be unwilling or unable to buy at this higher price level.”
He also added: “Prices will find a new level at which buyers and sellers are happy to transact.”
Daren Haysom, Foxtons director in east London, attributed the dip on “the special occurrence” of the FIFA World Cup and the concentrated in Bank Holiday in April and May, which means there are a “few extra distractions” for buyers and sellers to contend with.