Sellers are adjusting asking prices in Camden after years of frothy pricing
PUBLISHED: 17:01 18 July 2016 | UPDATED: 17:01 18 July 2016
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House prices in Camden experienced one of the biggest dips in London this month in the wake of the Brexit vote according to Rightmove.
Asking prices in the borough fell 6.2 per cent in June 2016, compared to homes in inner London as a whole where prices fell 2.3 per cent amid widespread uncertainty in the housing market following the EU referendum.
But anyone hoping that the Brexit vote would lead to an immediate and significant fall in house prices will be disappointed by the figures from the property website.
Although property prices in Camden had also dropped 4.1 per cent compared to this time last year, the average asking price in the borough still tops £1million with commentators keen to point out the traditional seasonal summer holiday dip.
Miles Shipside, Rightmove director and housing market analyst said: “The onset of the summer holiday season typically results in new sellers who are coming to market at this time of year pricing more competitively.
“They often have a more pressing need to sell now rather than wait till prospective buyers have refocused on their future property needs as opposed to their vacations.
“This year has the added dynamic of a readjusting market in parts of inner London, where previous years’ fast-paced price rises and the more punitive property taxes were already pushing prices down before the added referendum uncertainty.”
Although the Rightmove figures suggest Brexit has had only a small initial impact, there are other indications to suggest that house prices may start to fall more significantly in the coming months.
The Royal Institute of Chartered Surveyors (Rics) reported a decline in interest from London buyers for the third month running in June and a drop in the number of agreed sales, both of which are expected to hit house prices.
Estate agent Savills also predicted a slight reduction in house prices but said these would be less dramatic than the housing market crash of 2008.