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Haringey prices rise as London records best growth since credit crunch

PUBLISHED: 15:34 11 April 2014 | UPDATED: 15:34 11 April 2014

Aerial view of houses on residential streets in Muswell Hill, north London. PRESS ASSOCIATION Photo. Picture date: Thursday July 12, 2012. Photo credit should read: Dominic Lipinski/PA Wire

Aerial view of houses on residential streets in Muswell Hill, north London. PRESS ASSOCIATION Photo. Picture date: Thursday July 12, 2012. Photo credit should read: Dominic Lipinski/PA Wire

PA Archive/Press Association Images

House prices in Haringey soared again this month as the capital enjoyed its biggest annual growth since the credit crunch.

The average price of a home in the borough is now £639,871, up by £42,237 from the £597,634 recorded back in March, while this time last year your average house would cost £588,564.

The jump in prices was replicated across London, with property website Rightmove revealing new seller asking prices had risen by 15.9 per cent over the last year – the highest figure since November 2007, when it recorded the rise at 19.6pc.

Miles Shipside, Rightmove director and housing market analyst, said: “With the annual rate of increase now running at nearly 16%, buyers in the capital considering purchasing an average property will see a price tag nearly £80,000 higher than this time last year.

“The last time they were going up at this rate was over six years ago, shortly before Lehman Brothers went under and the credit crunch really kicked in.”

Shipside added: “The extra and welcome London property supply is failing to satisfy the high demand and with prices still increasing, buyers are not really seeing or feeling the benefit of the pick-up in new seller numbers.

“Agents are still reporting a demand that at present seems insatiable in some hotspot locations.”


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