Islington house prices dropped by more than average in July

File photo dated 14/10/14 of sold and for sale signs. A scramble by buyers to complete before the stamp duty holiday started winding down pushed UK house prices to a record high in June, official figures show. House prices rose by 13.2% over the year to June, faster than at any point since November 2004, according to the Office for National Statistics (ONS). Issue date: Wednesday August 18, 2021.

House prices dropped by 2.1% – more than the average for London – in Islington in July, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 0.5% annual decline.

The average Islington house price in July was £651,748, Land Registry figures show – a 2.1% decrease on June.

Over the month, the picture was similar to that across London, where prices decreased 2%, and Islington outperformed the 3.7% drop for the UK as a whole.

Over the last year, the average sale price of property in Islington remained level – putting the area 28th among London’s 33 local authorities for annual growth.

The best annual growth in the region was in Enfield, where property prices increased on average by 12.7%, to £438,000. At the other end of the scale, properties in City of London lost 10.4% of their value, giving an average price of £705,000.

Winners and Losers

Owners of detached houses fared worst in Islington in July – they dropped 2.4% in price, to £1,196,341 on average. Over the last year, prices dropped by 0.6%.

Among other types of property:

Semi-detached: down 1.1% monthly; up 0.6% annually; £1,196,341 averageTerraced: down 1.9% monthly; up 1.5% annually; £1,041,806 averageFlats: down 2.1% monthly; down 0.9% annually; £576,227 average

First steps on the property ladder

First-time buyers in Islington spent an average of £611,900 on their property – £4,800 less than a year ago, and £2,400 less than in July 2016.

By comparison, former owner-occupiers paid £695,400 on average in July – 13.7% more than first-time buyers.

How do property prices in Islington compare?

Buyers paid 31.8% more than the average price in London (£495,000) in July for a property in Islington. Across London, property prices are high compared to those across the UK, where the average cost £256,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and twice as much as in Islington. Kensington and Chelsea properties cost 4.1 times as much as homes in Barking and Dagenham (£323,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average July sale price of £1.3 million could buy 13 properties in Burnley (average £101,000).

Factfile

Average property price in July

Islington: £651,748London:£494,673UK: £255,535

Annual change to July

Islington: -0.5%London: +2.2%UK: +8%

Best and worst annual growth in London

Enfield: +12.7%City of London: -10.4%