The London Borough of Camden has been one of the more affluent boroughs in London and therefore has come with a price. Comparing house prices in the London borough of Camden with other areas of London, there is generally quite a noticeable difference. However, there are other boroughs in London that have the same affluence such as the Chelsea and Kensington areas.
Boroughs such as Camden, Chelsea and Kensington have over the passed few decades have attracted a vast array of interest. Walking the streets in these boroughs, you may bump into some famous celebrities such as Kate Winslet, Hugh Grant and Chris Evans. There is also a great deal of wealthy people walking the streets donned with designer labels, driving nice cars and enjoying a lifestyle that many can't.
With all this attraction from the wealthier end of the spectrum clearly has an affect on the house prices. For the past few decades, the house prices in these areas have only been increasing. This is far to say for most of the boroughs in London as the economy has been booming for most of that time, however, the increase in the London Borough of Camden has been phenomenally more than some of the various other areas of London.
Ten years ago in the London Borough of Camden, the average price of a two bed flat was £100,000; now the average price of a property of this type is in the £300,000 bracket. There are specific areas in the London Borough of Camden that fetch higher prices than other areas. For example, a two bed flat in Hampstead will be more around the £350,000 mark while a similar property in Kilburn would be coming up to the £300,000 mark.
In boroughs where the housing prices continuously soar also attracts foreign investment. Many wealthy folk in countries such as Russia, China and the Arabian countries see the London housing market as a very sensible investment. This further increases house prices are many international owners buy houses or flats for the longer term investment therefore reducing the supply of property while demand is continuing to increase.
London boroughs such as Camden have become a popular area for young professionals to begin their life after university due to the many bars, restaurants, amenities and the close proximity to central London. This is another reason for the house prices increasing as the demand is increasing.
Recent changes in the financial market have meant that the economy has taken a slight downturn. Usually in times like these, house prices are the first to decrease as buyers are more reluctant to buy thus demand is decreasing but sellers still want to sell so supply is the same.
Britain's house prices as a whole has been affected by the economic change, with house prices in the north of England significantly decreasing. London felt this downturn also with many London boroughs seeing decreases in their house prices. However, the London borough of Camden is one of the few areas that hasn't been affected greatly by the economic change.
Of course, the house prices haven't increased the way they have in the past but they haven't really decreased either. This is because demand for living in this area is still high and the additional foreign interest means that demand will be higher than supply resulting in higher house prices than most of London.
