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House prices in Croydon up 26% in the past year

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HOUSE prices in Croydon continue to rise, despite a levelling off across the country because of tough new mortgage regulations.

The latest figures from estate agent Rightmove suggest the average property price in Croydon is £394,024, an increase of 1.3 per cent on the previous month.

It represents an extraordinary 26.3 per cent rise compared to this time last year - meaning prices are increasing in Croydon at the second fastest rate in London, with only Tower Hamlets seeing a steeper rise.

This follows an Advertiser investigation in April, which revealed that in the most extreme cases, buyers were paying up to £50,000 above the asking price for properties.

National figures released this week suggested the market nationwide had cooled, compared to the rapid growth at the start of 2014.

But Mike Ricketts, general sales manager at SpicerHaart says Croydon is holding firm.

He said: "The market in Croydon hasn't slowed down as much as it has everywhere else.

"In general in the Croydon area we're still seeing the same number of buyers as a few months ago, as it still represents excellent value.

"There are plenty of developments in Croydon where you can get real value for money.

"You can still buy brand new flats here for a couple of hundred thousand [pounds]. Where else in London can you do that?"

Mr Ricketts, who is helping to market the Island development - where the Advertiser revealed flats are going for as much as £1.2 million - suggested the forthcoming Westfield/Hammerson redevelopment was having a positive impact on house prices.

He also said Croydon Council deserved credit for schemes such as those at Taberner House and the former Nestle HQ, where disused premises were being either torn down and replaced with housing or converted into new schemes.

Mr Ricketts said it was vital the council continued this approach to help "keep local people local" and avoid pricing younger buyers out of the market.

The cooling of the national market - with average prices falling 0.8 per cent month on month in July - has been attributed to the Government's Mortgage Market Review which, as of the end of April, introduced tough new restrictions on how much mortgage providers could lend to buyers.

Daren Haysom, from Foxtons estate agents, said the fact this is a traditionally quiet time of the year also helps to explain the national slowdown, but stressed the overall market picture was still buoyant.

He said: "We are still experiencing quick sales times and it's not uncommon to see great properties going under offer within a day or two of coming to the market."

House prices in Croydon up 26% in the past year


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