Haringey is 'worst performer' in property price index

House prices in Haringey dropped last month

House prices in Haringey dropped last month

First published in News
Last updated
Haringey Independent: Photograph of the Author by , Reporter

Haringey is leading a nationwide fall in house prices, according to new figures.

The borough has been dubbed London’s “worst performer” by Britain’s biggest property website, Rightmove, with house prices in the area falling by almost five per cent last month.

The average price of a home in the borough dropped from £689,472 to £656,512, a drop of 4.8 per cent.

Across London prices fell by 0.5 percent, leading a spokesperson for Rightmove to say that asking prices for property in the capital may have “come off the boil”.

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12:54am Mon 23 Jun 14

Paul_Burnham says...

It seems bizarre that the property industry can only work on the basis of ever-increasing prices. Why should we expect that an average dwelling should cost as much as £600,000? These prices are not based on the cost of building houses. They are based on shortage instead: this is a housing market that is pricing local people out of our own area. Markets based on grossly-inflated values have an inbuilt possibility of crash. Such price inflation is also potentially socially divisive, because owners have a material interest in higher prices, while the rest of us have an over-riding concern for affordability. We need more and better council housing: that would stop the markets overheating like this, heal some of the social divisions, and allow more access to decent housing for those on lower incomes.
It seems bizarre that the property industry can only work on the basis of ever-increasing prices. Why should we expect that an average dwelling should cost as much as £600,000? These prices are not based on the cost of building houses. They are based on shortage instead: this is a housing market that is pricing local people out of our own area. Markets based on grossly-inflated values have an inbuilt possibility of crash. Such price inflation is also potentially socially divisive, because owners have a material interest in higher prices, while the rest of us have an over-riding concern for affordability. We need more and better council housing: that would stop the markets overheating like this, heal some of the social divisions, and allow more access to decent housing for those on lower incomes. Paul_Burnham
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