House prices dropped slightly, by 0.4%, in Islington in February, new figures show.
By Andrew Dowdeswell, Data Reporter
House prices dropped slightly, by 0.4%, in Islington in February, new figures show.
The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 2.8% annual decline.
The average Islington house price in February was £645,134, Land Registry figures show – a 0.4% decrease on January.
Over the month, the picture was similar to that across London, where prices decreased 0.7%, but Islington was lower than the 0.4% rise for the UK as a whole.
Over the last year, the average sale price of property in Islington fell by £19,000 – putting the area 13th among London’s 33 local authorities with price data for annual growth.
The highest annual growth in the region was in Hackney, where property prices increased on average by 1.3%, to £590,000. At the other end of the scale, properties in Westminster lost 20.5% of their value, giving an average price of £928,000.
First steps on the property ladder
First-time buyers in Islington spent an average of £604,000 on their property – £19,000 less than a year ago, but £11,000 more than in February 2019.
By comparison, former owner-occupiers paid £692,000 on average in February – 14.5% more than first-time buyers.
Property types
Owners of terraced houses saw the biggest fall in property prices in Islington in February – they dropped 0.5% in price, to £1,054,396 on average. Over the last year, prices dropped by 2.9%.
Among other types of property:
- Detached: down 0.5% monthly; down 2.1% annually; £1,784,320 average
- Semi-detached: down 0.2% monthly; down 1.4% annually; £1,243,257 average
- Flats: down 0.4% monthly; down 2.8% annually; £566,126 average
How do property prices in Islington compare?
Buyers paid 28.3% more than the average price in London (£503,000) in February for a property in Islington. Across London, property prices are high compared to those across the UK, where the average cost is £281,000.
The most expensive properties in London were in Kensington and Chelsea – £1.2 million on average, and 1.8 times the price as in Islington. Kensington and Chelsea properties cost 3.5 times the price as homes in Barking and Dagenham (£328,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Factfile
Average property price in February
- Islington: £645,134
- London: £502,690
- UK: £280,660
Annual change to February
- Islington: -2.8%
- London: -4.8%
- UK: -0.2%
Highest and lowest annual growth in London
- Hackney: +1.3%
- Westminster: -20.5%
