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 John McMullan on
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Oh yes, let's all "cash in" and go live in a park.
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Permalink Reply by Clive Carter on
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IF THIS is a trend, then it is likely to be underpinned by an expectation of interest rate rises that would make a big difference to the affordability of a mortgage:
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Try getting a mortgage on an ex-local authority flat above the fourth floor. That's one reason they're going for so little. It's not that prices in London are nuts, prices in the places in London where everyone wants to live are nuts. 3 beds in Tottenham for under £200K? No problem.
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Permalink Reply by Abi on
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Prices on places where people don't particularly want to live are nuts as well, John. My poor sister is having to look in HASTINGS!
That ex-local place is hardly representative of the bigger picture.
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If people are hunting so hard and are "priced out of London" then why is that property not worth more? The young people bleating loudest about not being able to get on the property ladder in London appear to be the children of Tories from the shires who want to live in the places that are already nice.
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I'm just pointing out that your £195k example is exceptional, and I'd imagine has issues that go beyond the area and/or ex-LA status. Wouldn't be surprised if it had lease issues or similar.
If not my sister would probably consider it actually, perhaps I should send it on to her...
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No it's not exceptional, there are loads of places like that. Peckham and Bermondsey too.
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Yes, it will also be interesting to see how many of the current generation will get on the housing ladder given that employment figures are being massaged so heavily by the rise in self-employment and part time work. Makes it a hell of a lot harder to get approved.
And the tales of combing through bank accounts are more than tales, I know several people enduring it at the moment.
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Permalink Reply by Justin Hinchcliffe on
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Yes, Clive, but any increases are likely to be minimal.
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Permalink Reply by Old-Age-Emporium(OAE) on
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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%.
What's that, Hugh? A mere 4.8% drop? Why the hell isn't it a 48% drop? If Haringey Borough and the Coalition were really building what's needed, in the variety that's needed, we might look forward to that 48% drop.
And how, by implication, does that make Haringey "the worst performing borough" ("The next worst performing borough was Barnet at -3.7%")? I take it that was a misprint for "(next)best performing borough"?
I'm sorry to hear that Winkworths have lost the thrill of the Harringay Open Day. Maybe they should start sponsoring Gove Academies or Free Schools instead of sponsoring "developers" to turn Victorian 3-bedroom Ladder terraces into 4-bedroom fool-catchers in the space of 3 months.
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Hi guys,
I thought I'd reply to this as I have first-hand experience in the market. So, we are buying a house in South Tottenham and have seen a load of flats and houses from Canonbury to Bruce Grove.
When we've been around to some houses in Haringey, the interior has been done up to a wonderful standard with nice period features, good appliances etc. These houses go quite rapidly.
The other houses that stay on the market and have had their prices reduced are those that have had all the character of the place ripped out and replaced with double glazing, fire places gone, cheapo kitchen, non-south or west facing garden. Put simply, I don't think these places are worth the asking price and people with 400k + aren't going to pay for something not up to par.
And the headline to these articles is highly misleading. Yes, it is a drop, but a drop on asking prices.
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