Islington house prices increased slightly in May

House prices increased slightly, by 0.4%, in Islington in May, new figures show.

By Sonja Tutty, Data Reporter

House prices increased slightly, by 0.4%, in Islington in May, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 2.1% over the last year.

The average Islington house price in May was £708,505. Land Registry figures show a 0.4% increase on April.

Over the month, the picture was different to that across London, where prices increased 3.9%, and Islington was lower than the 1.2% rise for the UK as a whole.

Over the last year, the average sale price of property in Islington rose by £15,000 – putting the area eighth among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in Merton, where property prices increased on average by 4.9%, to £588,000. At the other end of the scale, properties in Westminster lost 22.7% of their value, giving an average price of £933,000.

First steps on the property ladder

First-time buyers in Islington spent an average of £663,000 on their property – £11,000 more than a year ago, and £71,000 more than in May 2019.

By comparison, former owner-occupiers paid £761,000 on average in May – 14.9% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Islington in May – they increased 1.1%, to £1,948,391 on average. Over the last year, prices rose by 2.4%.

Among other types of property:Semi-detached: up 0.7% monthly; up 4.5% annually; £1,371,629 averageTerraced: up 0.7% monthly; up 3.5% annually; £1,164,086 averageFlats: up 0.3% monthly; up 1.7% annually; £620,782 average

How do property prices in Islington compare?

Buyers paid 35.4% more than the average price in London (£523,000) in May 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 – £1.2 million on average, and 1.7 times the price as in Islington. Kensington and Chelsea properties cost 3.6 times the price as homes in Barking and Dagenham (£338,000 average), at the other end of the scale.

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