Harringay, Haringey - So Good they Spelt it Twice!
Haringey "escapes" worst of London property price falls - so far
Today Rightmove reported that house prices have fallen an average of 6.8% in London in the first (nearly) three weeks of December.
As a result prices have fallen by around £28,099 for a property in the capital, down from £412,731 in November to £384,632 in December.
Rightmove argues the usual seasonal slowdown in asking prices has been exacerbated by a marked increase in the number of one and two-bedroom properties coming onto the market as a result of the introduction of home information packs (Hips).
"New listings are very low at this time of year, so the artificial wave of low-end sellers has really distorted average prices of new properties coming onto the market," said Miles Shipside, commercial director at Rightmove.
Hips were expanded to cover all properties in England and Wales on December 14th, bringing to a close a three-stage introduction which began in August.
As a result the number of properties Rightmove regard as 'low-end' increased from 43 to 50 per cent of the market.
The property portal argues this trend was responsible for approximately 2.3 per cent of the fall seen in average asking prices in London – which would otherwise have been closer to 4.5 per cent.
Furthermore, conditions in the UK property market look far from certain in the coming months.
"A period of stagnation remains the most likely outcome for 2008, with the vast majority of sellers still in control of the decision as to whether to drop their prices," said Mr Shipside.
"As long as employment rates are high and the overall economy remains strong then sellers will not be strongly motivated to drop their prices, though the outlook remains uncertain."
The best performing areas of the capital included Brent, Havering and Haringey – where prices fell by a relatively modest 2.8, three and 3.4 per cent respectively.
In contrast prices fell by 10.2 per cent in Hackney, followed by a 9.6 per cent fall in Tower Hamlets and a drop of 8.4 per cent in Islington.
As a result prices have fallen by around £28,099 for a property in the capital, down from £412,731 in November to £384,632 in December.
Rightmove argues the usual seasonal slowdown in asking prices has been exacerbated by a marked increase in the number of one and two-bedroom properties coming onto the market as a result of the introduction of home information packs (Hips).
"New listings are very low at this time of year, so the artificial wave of low-end sellers has really distorted average prices of new properties coming onto the market," said Miles Shipside, commercial director at Rightmove.
Hips were expanded to cover all properties in England and Wales on December 14th, bringing to a close a three-stage introduction which began in August.
As a result the number of properties Rightmove regard as 'low-end' increased from 43 to 50 per cent of the market.
The property portal argues this trend was responsible for approximately 2.3 per cent of the fall seen in average asking prices in London – which would otherwise have been closer to 4.5 per cent.
Furthermore, conditions in the UK property market look far from certain in the coming months.
"A period of stagnation remains the most likely outcome for 2008, with the vast majority of sellers still in control of the decision as to whether to drop their prices," said Mr Shipside.
"As long as employment rates are high and the overall economy remains strong then sellers will not be strongly motivated to drop their prices, though the outlook remains uncertain."
The best performing areas of the capital included Brent, Havering and Haringey – where prices fell by a relatively modest 2.8, three and 3.4 per cent respectively.
In contrast prices fell by 10.2 per cent in Hackney, followed by a 9.6 per cent fall in Tower Hamlets and a drop of 8.4 per cent in Islington.
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