Islington house prices increased slightly in January

EMBARGOED TO 00001 TUESDAY OCTOBER 26 File photo dated 14/10/14 of estate agents boards. The housing market is set to record its highest level of sales this year since 2007, according to a property website. Issue date: Tuesday October 26, 2021.

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

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 13.4% annual growth – the highest in London.

The average Islington house price in January was £760,282, Land Registry figures show – a 0.4% increase on December.

Over the month, the picture was better than that across London, where prices decreased 1.8%.

Over the last year, the average sale price of property in Islington rose by £90,000 – putting the area top among London’s 33 local authorities with price data for annual growth.

At the other end of the scale, properties in Tower Hamlets lost 5.1% of their value, giving an average price of £438,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in Islington in January – they increased 0.5%, to £1,249,504 on average. Over the last year, prices rose by 16.1%.

Among other types of property:

Detached: down 0.5% monthly; up 19.2% annually; £2,114,066 averageSemi-detached: up 0.1% monthly; up 18.6% annually; £1,462,822 averageFlats: up 0.4% monthly; up 12.6% annually; £666,942 average

First steps on the property ladder

First-time buyers in Islington spent an average of £711,000 on their property – £81,000 more than a year ago, and £106,000 more than in January 2017.

By comparison, former owner-occupiers paid £818,000 on average in January – 15.1% more than first-time buyers.

How do property prices in Islington compare?

Buyers paid 49% more than the average price in London (£510,000) in January for a property in Islington. Across London, property prices are high compared to those across the UK, where the average cost £274,000.

The most expensive properties in London were in Kensington and Chelsea – £1.4 million on average, and 1.8 times as much as more than in Islington. Kensington and Chelsea properties cost 4.1 times as much as homes in Barking and Dagenham (£346,000 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 January

Islington: £760,282London:£510,102UK: £273,762

Annual growth to January

Islington: +13.4%London: +2.2%UK: +9.6%

Best and worst annual growth in London

Islington: +13.4%Tower Hamlets: -5.1%