Revealed: Camden house prices are third most expensive in UK
PUBLISHED: 17:53 13 June 2018 | UPDATED: 11:44 15 June 2018
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House prices in Camden have soared by nearly a third in five years and are the third most expensive in the country, according to new data.
The figures, from the Office of National Statistics, show the average property in the area sold for £859,152 in April, significantly higher than the UK average of £226,906.
Over the 12 months before that, house prices in the borough jumped 7.5 per cent, meaning the average Camden homeowner will have seen their property value increase by a staggering £210,000 (32pc) in five years.
The figures also showed that, in April, first-time buyers in Camden spent an average of £735,828 – about £183,000 more than it would have cost them five years ago.
In neighbouring Haringey prices are somewhat lower, with the average April sale £533,274. This is a 2pc fall, though first-time buyers are still spending about £475,000 to get on the property ladder.
And the data for Barnet shows a rise of 1pc to £547,176.
Lawrence Bowles, associate director of the research team at estate agent Savills, said: “House prices nationally have gone up 3.9pc in the year to April – though it is slowing down.
“People are starting to get a bit more wary about Brexit. People are starting to sit on their hands as they wait to see how things turn out.”
Meanwhile, the data reveal neighbouring Westminster’s average house price is the second highest nationwide, with the average home there selling for just shy of £1million in April. Even so, this is a 9pc fall over the past year.
To the east, in Islington, the average April price was £640,906. There prices have largely stayed stable over the past 12 months.
Barnet and Haringey are the 12th and 13th most expensive local authorities in the country, whilst Islington ranked seventh. Interestingly, Islington saw a 28pc drop in the number of sales during 2017.
The highest house prices in the country in April were found in Kensington and Chelsea, where properties sold for an average of £1,350,179 – 17 times the cost of a home in Burnley, where the average property cost £78,204.