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.
Replies to This Discussion
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Permalink Reply by Kamila on
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Jolly good. They need to come down. My 2 bed flat is now at an obscenely ridiculous price. Someone would be mad to buy it. A rush of new properties - this is what is needed..
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Permalink Reply by Vikram Dodd on
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the rough rule in London is that property prices double every decade - give or take. So might be down a touch in the latest story, but the madness will continue.
Average price at £656,512(presume that's a house) means you need an income of £200,000 to get a big enough mortage, and another large wodge to cover fees etc.
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Permalink Reply by LSquared on
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People buying £650k houses are usually trading up, so they don't need a mortgage for the full amount. They may also be starting to inherit or to have parents wanting to transfer assets well ahead of inheritance tax.
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Permalink Reply by Justin Hinchcliffe on
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Nah, the Belmont and Downhills areas are the places to be! I live between the two
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Not mix or seasonally adjusted and much more volatile. Wouldn't read too much it. Asking prices shot up stupid (30-50% in my area), but when you look at actual transactions it's more like 15-20%, still madness but not that out of whack with the rents charged in the area. So it's not really suprising asking prices are following down, back to the level that the market actually supports.
Land-registry is the most reliable indicator but it lags with a few months.
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Sorry John, can't link;-
John Mc..."then why is that property not worth more?"
...because it would be vey cosy if you moved in...
"PLEASE NOTE: .... THE PROPERTY WILL BE SOLD WITH THE CURRENT TENANTS REMAINING"
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Local estate agents were going mad, talking up property values. One told us our house is now worth £485k--having paid £270k less than five years ago. Madness!!
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Permalink Reply by Finsbury Park Ranger on
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If property's over 2 million get hit with a significant new tax as proposed by Labour wouldn't that cause properties worth less then 2 million to become even more desirable causing a price spike for 'cheap' houses?
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Come on labourites, what's your thoughts ?
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Permalink Reply by Elan on
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Just for the record, I said that we have seen a decline in the number of people turning up to open days. But levels of demand are still high and open-days are often a practical solution. And I have seen no sign of falling prices in Harringay, Wood Green or Tottenham. On the contrary, it is still common for the final sale price to be significantly above the published asking price.
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Permalink Reply by Hugh on
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Thanks for clearing that up, Elan. My apologies if I in any way misinterpreted what you said.
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You closed your Tottenham office weeks after the riots. Talk about 'cutting and running'. The unit then became a pay-day loans outfit. I'd never use Winkworth as a result.
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