Islington house prices dropped in February

House prices dropped by 2.1% in Islington in February, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 2.5% annual growth.

The average Islington house price in February was £697,031, Land Registry figures show – a 2.1% decrease on January.

Over the month, the picture was worse than that across London, where prices increased 2.2%, and Islington underperformed compared to the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Islington rose by £17,000 – putting the area 27th among London’s 33 local authorities with price data for annual growth.

The best annual growth in the region was in City of London, where property prices increased on average by 15.4%, to £840,000. At the other end of the scale, properties in Lewisham lost 2% of their value, giving an average price of £436,000.

Winners and Losers

Owners of semi-detached houses fared worst in Islington in February – they dropped 2.9% in price, to £1,323,795 on average. But over the last year, prices rose by 6.1%.

Among other types of property:

Detached: down 2.8% monthly; up 6.5% annually; £1,914,854 averageTerraced: down 2.7% monthly; up 4.2% annually; £1,135,735 averageFlats: down 2% monthly; up 2% annually; £612,973 average

First steps on the property ladder

First-time buyers in Islington spent an average of £653,000 on their property – £14,000 more than a year ago, and £64,000 more than in February 2017.

By comparison, former owner-occupiers paid £747,000 on average in February – 14.3% more than first-time buyers.

How do property prices in Islington compare?

Buyers paid 31.5% more than the average price in London (£530,000) in February for a property in Islington. Across London, property prices are high compared to those across the UK, where the average cost £277,000.

The most expensive properties in London were in Kensington and Chelsea – £1.4 million on average, and twice as much as more than in Islington. Kensington and Chelsea properties cost 4.1 times as much as homes in Barking and Dagenham (£341,000 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 February

Islington: £697,031London:£529,882UK: £276,755

Annual growth to February

Islington: +2.5%London: +8.1%UK: +10.9%

Best and worst annual growth in London

City of London: +15.4%Lewisham: -2%