Islington house prices drop

House prices dropped by 2.4% – more than the average for London – in Islington in November, new figures show.

By Sonja Tutty, Data Reporter

House prices dropped by 2.4% – more than the average for London – in Islington in November, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 1.4% annual decline.

The average Islington house price in November was £703,413, Land Registry figures show – a 2.4% decrease on October.

Over the month, the picture was similar to that across London, where prices decreased 2.2%, and Islington was lower than the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in Islington fell by £10,000 – putting the area ninth among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in Richmond, where property prices increased on average by 4.2%, to £778,000. At the other end of the scale, properties in City of London lost 27.7% of their value, giving an average price of £727,000.

First steps on the property ladder

First-time buyers in Islington spent an average of £656,000 on their property – £11,000 less than a year ago, but £56,000 more than in November 2018.

By comparison, former owner-occupiers paid £759,000 on average in November – 15.6% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest fall in property prices in Islington in November – they dropped 3.4% in price, to £1,373,327 on average. Over the last year, prices dropped by 0.4%.

Among other types of property:

Detached: down 2.8% monthly; down 0.1% annually; £1,991,448 average
Terraced: down 3.4% monthly; down 1.6% annually; £1,170,816 average
Flats: down 2% monthly; down 1.4% annually; £614,625 average

How do property prices in Islington compare?

Buyers paid 39.2% more than the average price in London (£505,000) in November for a property in Islington. Across London, property prices are high compared to those across the UK, where the average cost is £285,000.

The most expensive properties in London were in Kensington and Chelsea – £1.1 million on average, and 1.6 times the price as in Islington. Kensington and Chelsea properties cost 3.2 times the price as homes in Barking and Dagenham (£354,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.