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The borough of Camden sees a remarkable 42% year-on-year increase in average prices, according to Nationwide

The borough of Camden sees a remarkable 42% year-on-year increase in average prices, according to Nationwide

Published: 24/10/2014    Last Updated: 17/01/2017 10:06:56   

 “Camden saw the strongest growth amongst the London boroughs, with a remarkable 42% year-on-year increase in average prices,” the Nationwide building society said.

A typical home in Camden now costs £884,103 – a price-tag eclipsed only by Westminster, where the average figure is now £984,075 (two traditionally expensive boroughs, Kensington and Chelsea, and the City of London, are excluded from Nationwide’s index due to “low sample size”).

Commenting on the figures, Robert Gardner, Nationwide's Chief  Economist, said:
“The price of a typical UK house rose by 1.5% in the
third quarter, after allowing for seasonal effects. Prices
were up 10.5% compared with the same quarter of
2013.

“London did see a slight softening in the annual pace of
price growth - from 25.8% in Q2 to 21%. Prices in the
capital are now 31% above their 2007 peak, with the
price of a typical London property just above £400,000.
 
"Amongst the English regions, the South continued to
outperform, with double digit annual growth rates
recorded in London, Outer Metropolitan, Outer South
East and East Anglia. The North was the weakest
English region, with prices up 4.3% over the year.”

 

 

London saw a softening in annual price growth from 25.8% in Q2 to 21.0% in Q3. Average prices remain in excess of £400,000 and are now 31% above their 2007 peak.


The Nationwide building society added that "the annual pace of growth in the capital will probably continue to slow in the quarters ahead, given the high base for comparison in the next few quarters and also anecdotal evidence from surveyors and estate agents that activity may be starting to moderate."