Harringay, Haringey - So Good they Spelt it Twice!

Haringey Experiences Biggest House Price Fall in London House Price Drop

Many of you will have picked up on this what-goes-up-must-come-down story in the news yesterday.

It appears that that the steep climb of London properties has come to an abrupt end or at the very least is pausing for breath.

Haringey apparently recorded the biggest fall in average house prices across London this month as new seller asking prices declined for the first time in 2014.

Since May 14, the Rightmove house price index shows that Haringey property values have decreased by 4.8 % - falling from an average price of £689,472 to £656,512. The next worst performing borough was Barnet at -3.7%.

I asked a couple of our local agents a couple of weeks back if they thought house purchase activity had weakened locally in Harringay. Both were unequivocal in saying it had. Elan Silver told me that a couple of months back they'd get up to 60 people viewing a property on an open day and usually a good number of offers would come out of a single viewing day. Then abruptly, the unprecedented levels of demand we'd been experiencing seemed to dry up with only a handful of viewers turning up for each viewing day. Open days, he told me, are a thing of the past for the time being.

The London-wide decline is the first in recent years and has been attributed mainly to the rush of new properties coming to the market, which is giving buyers more choice and sellers more competition. Rightmove reports that new seller numbers are up 12.3% since a year ago and 23.2% since last month.

Another reason cited for the drop is new evidence of house owners looking to ‘cash in and move out’: over 50% of potential sellers in Zones 1 and 2 are looking to move further out.

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Permalink Reply by Elan on June 25, 2014 at 16:19

The fact was that all our clients in Tottenham wanted us to market their property under the Harringay Green Lanes office. It helped them to achieve a better result, and this has not changed. The team is combined and located in one place and it works extremely well.

The Tottenham, Seven Sisters and White Hart Lane areas will no doubt transform tremendously with all the regeneration plans underway and possibly new London Overground links which will make Tottenham and Seven Sisters an important transportation hub. I am certain that lots of great business will move in, much to your delight.