Camden sellers drop asking prices by 15% after Brexit

Camden, Kensington & Chelsea and Islington were the biggest casualties in the worst December for the London housing market for six years — but prospects look brighter for the suburbs, property website Rightmove said on Monday.

More expensive inner London areas were worst hit as asking prices in the capital fell an overall 4.3% to £616,160 on average, according to its latest index.

High stamp duty and Brexit uncertainty has hobbled the market in central London, with asking prices in Camden dropping 15% in a single month to below £1 million.

Well-heeled Kensington fell nearly 10% while Islington saw a near-7% fall.

Newham and Merton were the two next worst performers. The best-performing area was Hammersmith & Fulham, with a modest 1.8% rise.

The website’s figures revealed 14% fewer sales agreed in inner London areas compared with a year earlier, but in the outer reaches of the capital the figure was just 3.4% lower.

That led Rightmove to forecast a gloomy 5% fall in inner London prices next year compared with a 3% rise in outer London.

Rightmove analyst Miles Shipside said: “Inner London’s higher-end markets require massive funds to secure a property compared to the comparatively modest average prices in outer London, and now also attract a much larger bill for stamp duty.

“Buyers are being put off the really big-ticket purchases at the moment compared to previous transaction volumes, and while sterling’s depreciation has helped to make things more attractive, the pressing need to purchase because of rising prices has disappeared. We therefore predict further price falls.”

London is faring worse than the rest of the country, which saw asking prices down 2.1%.