22nd June 2016
Croydon prices rise again in spite of ‘referendum effect’ on rest of London
Croydon continues to buck the London trend with prices going up from May to June in spite of the ‘EU Referendum Effect.’
National property portal Rightmove’s monthly house price index for June 2016 shows the average price of a London home dropped by 0.2% (£971) in one month from May.
But the average house price in Croydon continued to rise, by 1.9%, over the same period – the sixth highest increase for the month across all 32 London boroughs.
Rightmove put the reverse in London’s upwardly price trend down to the uncertainty created by the EU Referendum.
Miles Shipside, Rightmove’s director and housing market analyst, said: “Markets typically dislike uncertainty, and London’s fall in prices seems to be in line with what one would expect.”
However Croydon buyers don’t seem to be quite as concerned. The average price in May was £419,856 – this rose to £427,734 this month. The average price in June 2015 was £371,500 – giving an annual change in the past year of 15.10%
Streets Ahead Director Gary O’Hare believes Croydon’s regeneration and competitive prices are proving a big draw for home buyers.
He said: “There is evidence that buyers priced out of London are readily switching their attention to more affordable areas within commuting distance and I am positive this is why Croydon has been identified as one of the hot spots around London, along with the continuing regeneration of the town.”