November house prices: ‘Brexit uncertainty’ works both ways as Camden prices values fell, but Barnet and Haringey rise
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A bad year for house prices in Camden continued in November, the latest Government figures show.
House prices in the borough fell more than four per cent in the year from November 2017 to November 2018.
Despite this, prices remain the third highest in the country, on average – but property owners will be beginning to worry about a distinct negative trend.
The average sale in Camden this November was £807,240, only below Westminster and Kensington and Chelsea.
But this is is some £40,000 less than at the same time in 2017.
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Meanwhile in Haringey and Barnet prices bucked the London trend to record small rises.
The former jumped 0.6pc month-to-month to £550,589, while the latter rose 1pc to £545,726.
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City-wide, London prices fell 1.2pc from October to November, and 0.7 pc over 12 months that has seen the property market here and in the south-east more generally stagnate amid growth in other parts of the country.
The yearly fall in prices in Camden is the fifth biggest in the UK, although it is beaten by neighbouring Brent and the City of London, which both saw falls of more than 5pc.
Westminster prices fell too – by 3.5pc over 12 months – but remain unsuprisingly the second highest nationwide; They change hands on average for just over £1m.
Across the border in Islington, a 0.7pc rise was in line with a slight yearly bump of 0.9pc. The average there was £650,155 in November.
Mike Hardie from the Office of National Statistics said: “House price growth was little changed in the year to November with buoyant growth across much of the UK held back by London and the South East.”
A recent Bank of England report said that that along with low supply of houses, demand was also falling.
Housing activity in southern England was muted due to uncertainty, with transactions postponed until after the European Union withdrawal, it said.
London house prices have been falling annually each month since July 2018.
East Finchley estate agent Jeremy Leaf, a former residential chairman of the Royal Institution of Chartered Surveyors, said: “On the ground, we are finding that we are in a price-sensitive, needs-driven market, especially at this time of year, which continues to be underpinned by low mortgage and unemployment rates, improving affordability and stock shortages.
“As a result, we recorded better-than-expected viewings and valuations in early January, despite the Brexit uncertainty.
“On the one hand, the risk of uncertainty for the property market increases after yesterday’s vote but on the other, it helps to concentrate minds on all sides.”