House price slump hits golden triangle
HOUSE sellers in Crouch End, Muswell Hill and Hornsey are being forced to slash their asking prices as the credit crunch engulfs the property market
HOUSE sellers in Crouch End, Muswell Hill and Hornsey are being forced to slash their asking prices as the credit crunch engulfs the property market.
James Dawson, Director of Litchfields estate agent in Crouch End, estimates that house prices have slumped by two per cent in the last six months.
Mr Dawson said: "Sellers are finding it difficult to achieve their asking price at the moment and have to consider sensible offers. There's a lot more availability on the market. The days of houses being snapped up as soon as they are put up for sale are definitely over."
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"Business is still strong, but just not at the levels we've been used to in recent years.
"We still have a healthy database of buyers but it's difficult to say how many of those are serious about buying and how many are just browsing."
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Another estate agent in Crouch End said that one homeowner in Ferme Park Road, had been forced to shave £45,000 off their asking price and sell their two-bed home for £345,000. Another seller in Womersley Road, Crouch End accepted an offer £25,000 below their asking price to sell their three bed house for £440,000.
However, Chris Underhill who is a partner at the Highgate branch of Prickett and Ellis, has urged sellers to have confidence in the value of the local housing market.
Mr Underhill, who has worked in the property market for 31 years, said: "Highgate, Muswell Hill and Crouch End have always been known as the golden triangle because they are strong family areas, with excellent local schools and a low crime rate.
"It's true that this is not the time to ask for premium sky high prices but we are still making record sales. A house has just been sold in Talbot Road, Highgate for over £2 million and there is consistently a high demand for houses in this area."
Nethouseprice.com records house prices in England according to the Land Registry. It estimates that the average price of a house in Cecile Park, Crouch End is £335,064; the average price of a house in Duke's Avenue is £482,106 and the average value of a home in Talbot Avenue, Highgate is £435,124. The latest figures from the Halifax show that house prices in the area are over 50 per cent higher than the national average which is £194,893 and above the average price for a house in London which is £304,781,