The average price of a property in the borough has dropped by 3.9% to £430,000

House prices in Enfield are falling at the fastest rate since the financial crash of 2008/09, the latest figures show.

The average price of a property in the borough dropped to £430,000 as of January this year, compared with £448,000 in January 2023 – representing a 3.9% drop.

This is the fastest rate of decline in local house prices since the end of 2009, when the UK was just exiting recession following the financial crash.

Detached houses in Enfield are seeing the fastest price drops, with 4.4% knocked off their value over the last year.

Across London, there has been a similarly falling rate, with the average house price in January 2024 of £518,000 being 3.9% less than the £539,000 average price a year earlier. However, around one-in-five London boroughs are bucking the trend and continue to see prices rise.

Across the UK, house prices are remaining broadly stable.

The house price falls in Enfield are in sharp contrast to soaring rents, as demand for private rental properties outstrip supply.

The average monthly private rent in Enfield was £1,505 in February 2024, a 6.7% increase from £1,410 in February 2023. This is the fastest rise in rents since mid-2016.

The most in-demand properties in Enfield are one-bed flats, with these prices rising 7%.

However, the rate of increasing rents in Enfield is still lower than the 10.6% being seen across London.

While the average Enfield rent of £1,505 is still much lower than the average of £2,035 seen across London, it is also well above the national average of £1,238.

The data has been published by the Office for National Statistics and HM Land Registry and is available here.

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