£1 million+ property sales in Haringey rose 1,000% in a decade
PUBLISHED: 12:06 18 September 2014 | UPDATED: 10:23 19 September 2014
Haringey £1 million plus property sales have increased by more than 1,000 per cent in the past ten years according to research by estate agent Savills.
In 2013, 219 properties (8.3 per cent of all sales in the borough) sold for £1 million or more in Haringey. In 2003 there were only 19 properties that sold for over £1 million.
The majority of these sales were in Highgate, the borough’s highest value ward with an average house price of £929,493.
James Wilkinson director of Winkworth in Highgate said: “If you’d asked me 10 years ago if I had many £1 million properties on my books the answer would definitely be no.
“Prices have more or less doubled in the past decade. So much stuff now is over £1 million.
“Some flats cost less, especially the ex-council properties, but by and large, if you want an N6 property, you’ll have to spend a million.”
Winkworth currently are selling a four bedroom terraced house on Cromwell Avenue, N6 for £1.85 million. The Victorian property is in the Highgate conservation area on an elevated terraced street. In 2004 the next door house sold for £615,000, a third of today’s asking price.
Across London the million-plus market has risen by 312 per cent since 2003.
In that time, the so-called ‘prime’ London market has spread from Kensington & Chelsea and Westminster, where the majority of sales were concentrated in 2003, to include Wandsworth, Hammersmith and Fulham, Camden and Richmond upon Thames.
Camden’s million-plus sales increased by 375 pc between 2003 and 2013, when 637 properties were sold for £1 million or more.
Savills’ £1 million London map for 2018 indicates how these sales might spread into new areas over the next four years and their prime London forecast anticipates growth of 23 per cent to the end of 2018.
This means that a property that was worth £1 million at the end of last year, would have been worth £472,000 in 2003, but will be expected to have a value of £1.23 million in four years’ time.