Camden charges ahead

Camden is now the second most expensive area in the UK to buy a residential property after Kensington and Chelsea.

Chesterton’s Meta-index shows that during April, prices in Camden rose by +2.8%, a growth rate more than double that of Kensington and Chelsea. With residential property prices now averaging £509,157, Camden has overtaken the City of Westminster for the first time.

The growth of +29.8% between April 2006 and April 2007 is expected to continue. The new Channel Tunnel Rail Link station at St Pancras is scheduled to become operational this year and Argent’s mixed use masterplan is expected to start on site before 2008. The 67 acre site will include more than 50 food and drink outlets ranging from local coffee shops to Michelin star restaurants.

This influx of investment has contributed to the record prices now being achieved in Camden. Chesterton is currently selling a two bed property near Camden Square for £960,000 which equates to approximately £600 per sq ft, a record for the area.

Paul Brooke, Partner at Chesterton Global comments: “The property market has continued to go from strength to strength with correctly priced properties selling instantly. The recent increases in interest rates have apparently been shrugged off and we see no signs of a ‘slow down’. The upper end of the market is still desperately short of properties with large family houses usually selling in excess of the asking price. Camden is one of London’s hotspots with vast investment continuing to flood in, new developments achieving record prices and traditionally less sought after areas becoming increasingly popular.

“While the Royal Institution of Chartered Surveyors are describing the market as ‘in rude health’ and with even the more cautious commentators not believing that there is a price crash on the way mainly due to a healthy economy, we are optimistic the current enthusiasm will continue.“