Islington house prices increased slightly in May

House prices increased slightly, by 0.3%, in Islington in May, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 5.1% annual decline.

The average Islington house price in May was £690,034, Land Registry figures show – a 0.3% increase on April.

Over the month, the picture was different to that across London, where prices decreased 1.2%, and Islington was above the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in Islington fell by £37,000 – 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 24.1%, to £988,000. At the other end of the scale, properties in Kensington and Chelsea lost 13.4% of their value, giving an average price of £1,314,000.

First steps on the property ladder

First-time buyers in Islington spent an average of £647,000 on their property – £34,000 less than a year ago, but £31,000 more than in May 2018.

By comparison, former owner-occupiers paid £739,000 on average in May – 14.3% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Islington in May – they increased 0.4%, to £604,944 on average. Over the last year, prices dropped by 5%.

Among other types of property:

• Detached: down 0.5% monthly; down 5.1% annually; £1,923,084 average
• Semi-detached: down 0.2% monthly; down 4.8% annually; £1,335,750 average
• Terraced: up 0.1% monthly; down 5.3% annually; £1,137,857 average

How do property prices in Islington compare?

Buyers paid 31.3% more than the average price in London (£526,000) in May for a property in Islington. Across London, property prices are high compared to those across the UK, where the average cost is £286,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 1.9 times the price as in Islington. Kensington and Chelsea properties cost 3.7 times the price as homes in Barking and Dagenham (£356,000 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 May

• Islington: £690,034
• London:£525,629
• UK: £285,861

Annual change to May

• Islington: -5.1%
• London: +0.8%
• UK: +1.9%

Highest and lowest annual growth in London

• City of London: +24.1%
• Kensington and Chelsea: -13.4%