Islington bucks negative house price trend

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Islington bucks negative house price trend

A new reports claims demand is pushing prices in Islington ever up as figures show it recording positive annual house price growth

Monday, 27 July 2009

Holly Kirkwood

According to a new report, Islington is one of the only local authorities in the UK to have experienced positive annual house price growth

The average house price in Islington has increased by 0.5% from June last year to £418,999, making the borough one of only seven which has shown positive growth in the past twelve months, says a new report from Chesterton Humberts. House prices there are also some of the most expensive in the UK – fourth most expensive in London after Kensington and Chelsea, Westminster and Camden.

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Top prices are reportedly close to those seen in 2007 in Islington, where supply is well outstripped by demand, the report states. Graham Stubbs from Chesterton Humberts says: ‘In January everyone was looking for a bargain; by February/March the bargains weren’t there but as long as buyers got a deal they were happy.’

Islington is also known from being one of the first boroughs to benefit from upturns in the City considering its proximity to that area of the Capital, the report points out.

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Comments

Mary

July 28 14:33

I think different indices work different ways - some are seasonally adjusted which means they adjust their figures to take into account annual ups and downs, and so on. The Land Registry happens to collect its data way after everyone else once the final price to pay on a property has been agreed, rather than on the asking price, which is another difference and takes a lot longer to collate. It's generally impossible to get a perfect picture of the market, you just have to use the various reports available and a bit of common sense, I think.

Mike

July 28 13:59

Funny how the land registry report out today shows prices in islington down 13.5% year on year. But then again they don't have a vested interest in talking up the market.

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