Camden house prices fall for second year in a row as Brexit continues to cause concern
- Credit: PA Archive/Press Association Ima
House prices in Camden fell by 3.5 per cent last year, as a downward trend continued for the borough’s home owners and estate agents.
The drop reflects a changeable picture for the area, with prices initially rising in the first half of the year, before declining every month between July and December.
The average property price in the area was £859,771 in January last year, but at in December they had fallen to £829,021.
The picture across north London was equally dismal. The City of Westminster had a particular shock. The average house price was £985,082, 10.1pc less than last year.
Haringey saw a 2.4pc drop, and Barnet had a marginal decrease.
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The mood reflects the latest report by the Royal Institute of Chartered Surveyor (RICS), who said that growth was slowest in London and the South East over the last month.
The figures represent the second year of house prices falling in the borough.
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The data was released by the Land Registry earlier this week. According to analysis by the Gatehouse Bank, prices across the UK rose by 2.6pc.
Concerns about the uncertainty of Brexit are still causing hesitancy according to RICS, as well as making some properties unaffordable.
Chris Cooper, a director at Dexters in Hampstead said he recognised the picture painted by the figures.
“We’ve had a drop, certainly,” he said. “The problem is that within the borough there is such variation, and the statistics don’t reflect this.
“In pockets, we have seen a drop. Buyers are often looking for a particular location, so we’ve recently sold a house on the edge of Hampstead Heath, and the price there was probably what we would have got in 2014. However elsewhere like Finchley Road, if people are motivated to sell they are dropping the price,” he said.
The director at the estate agents in Heath Street agreed Brexit was driving uncertainty.
Mr Cooper said: “I think it’s a major thing on people’s minds. Some of our buyers who work in the city don’t know if they’ll be based here or abroad, and that’s on top of stamp duty changes. Investors are also wary about getting involved at the moment as well.”