Islington house prices dropped in December

House prices dropped by 3.4% in Islington in December, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 5.3% annual decline.

The average Islington house price in December was £683,288, Land Registry figures show – a 3.4% decrease on November.

Over the month, the picture was different to that across London, where prices remained static, and Islington was lower than the 0.4% drop for the UK as a whole.

Over the last year, the average sale price of property in Islington fell by £38,000 – putting the area 31st 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 20.8%, to £968,000. At the other end of the scale, properties in Westminster lost 13.4% of their value, giving an average price of £910,000.

The average UK house price was £294,000 in December 2022, which was £26,000 higher than 12 months earlier.

It meant prices increased by 9.8% annually in December, slowing from 10.6% annual growth in November, according to the Office for National Statistics.

First steps on the property ladder

First-time buyers in Islington spent an average of £643,000 on their property – £33,000 less than a year ago, but £38,000 more than in December 2017.

By comparison, former owner-occupiers paid £728,000 on average in December – 13.3% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices Islington in December – they dropped 4.2% in price, to £1,894,831 on average. Over the last year, prices dropped by 6.8%.

Among other types of property:

Semi-detached: down 4.1% monthly; down 6.1% annually; £1,306,293 averageTerraced: down 4.1% monthly; down 5% annually; £1,126,363 averageFlats: down 3.2% monthly; down 5.3% annually; £599,048 average

How do property prices in Islington compare?

Buyers paid 25.8% more than the average price in London (£543,000) in December for a property in Islington. Across London, property prices are high compared to those across the UK, where the average cost £294,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 1.9 times as much as more than in Islington. Kensington and Chelsea properties cost 3.5 times as much as homes in Barking and Dagenham (£362,000 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 December

Islington: £683,288London:£543,099UK: £294,329

Annual change to December

Islington: -5.3%London: +6.7%UK: +9.8%

Highest and lowest annual growth in London

City of London: +20.8%Westminster: -13.4%