House prices increased slightly, by 0.9%, in Islington in July, new figures show.
By Marieta Marinova, Data Reporter
House prices increased slightly, by 0.9%, in Islington in July, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 1% over the last year.
The average Islington house price in July was £710,181, Land Registry figures show – a 0.9% increase on June.
Over the month, the picture was similar to that across London, where prices increased 1.1%, but Islington was above the 0.5% rise for the UK as a whole.
Over the last year, the average sale price of property in Islington rose by £6,700 – putting the area 11th among London’s 33 local authorities with price data for annual growth.
The highest annual growth in the region was in City of London, where property prices increased on average by 5%, to £905,000. At the other end of the scale, properties in Kensington and Chelsea lost 10.8% of their value, giving an average price of £1,345,000.
First steps on the property ladder
First-time buyers in Islington spent an average of £664,900 on their property – £6,800 more than a year ago, and £24,600 more than in July 2018.
By comparison, former owner-occupiers paid £762,000 on average in July – 14.6% more than first-time buyers.
Property types
Owners of terraced houses saw the biggest rise in property prices in Islington in July – they increased 1.5%, to £1,180,654 on average. Over the last year, prices rose by 1.1%.
Among other types of property:
- Detached: up 1.4% monthly; up 1.9% annually; £1,985,621 average
- Semi-detached: up 1.5% monthly; up 1.9% annually; £1,381,402 average
- Flats: up 0.7% monthly; up 0.9% annually; £620,930 average
How do property prices in Islington compare?
Buyers paid 32.9% more than the average price in London (£534,000) in July for a property in Islington. Across London, property prices are high compared to those across the UK, where the average cost is £290,000.
The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 1.9 times the price as in Islington. Kensington and Chelsea properties cost 3.9 times the price as homes in Barking and Dagenham (£343,000 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 July
- Islington: £710,181
- London: £534,265
- UK: £289,824
Annual change to July
- Islington: +1%
- London: -0.8%
- UK: +0.6%
Highest and lowest annual growth in London
- City of London: +5%
- Kensington and Chelsea: -10.8%
