Islington house prices dropped slightly in March

House prices dropped slightly, by 0.6%, in Islington in March, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 4.4% annual decline.

The average Islington house price in March was £672,030, Land Registry figures show – a 0.6% decrease on February.

Over the month, the picture was different to that across London, where prices decreased 1.7%, and Islington was above the 1.2% drop for the UK as a whole.

Over the last year, the average sale price of property in Islington fell by £31,000 – 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 Tower Hamlets, where property prices increased on average by 11%, to £510,000. At the other end of the scale, properties in Westminster lost 17.4% of their value, giving an average price of £876,000.

First steps on the property ladder

First-time buyers in Islington spent an average of £630,000 on their property – £29,000 less than a year ago, but £13,000 more than in March 2018.

By comparison, former owner-occupiers paid £719,000 on average in March – 14.2% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices Islington in March – they dropped 0.8% in price, to £1,113,188 on average. Over the last year, prices dropped by 3.2%.

Among other types of property:

• Detached: down 0.2% monthly; down 3.7% annually; £1,879,627 average
• Semi-detached: down 0.3% monthly; down 3.1% annually; £1,305,369 average
• Flats: down 0.5% monthly; down 4.7% annually; £588,294 average

How do property prices in Islington compare?

Buyers paid 28.4% more than the average price in London (£523,000) in March for a property in Islington. Across London, property prices are high compared to those across the UK, where the average cost £285,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and twice as much as more than in Islington. Kensington and Chelsea properties cost 3.8 times as much as homes in Barking and Dagenham (£347,000 average), at the other end of the scale.

The highest property prices across the UK were in E09000020.

Factfile

Average property price in March

• Islington: £672,030
• London:£523,325
• UK: £285,009

Annual change to March

• Islington: -4.4%
• London: +1.5%
• UK: +4.1%

Highest and lowest annual growth in London

• Tower Hamlets: +11%
• Westminster: -17.4%