Islington Property Market ?? December 2024

Exclusively created for you: my monthly Islington Property Market update with tons of news and statistics from Islington's N1, N5, N7, and the rest of the UK. I hope you will find it valuable, as I am your Personal Estate Agent in Islington. Let's get right into it. Enjoy!

Jacob x

Islington N1, N5, and N7 Statistics

These are the fresh statistics from Rightmove, covering the postcodes of N1, N5, and N7. The data for property listings is for December 2024, compared with 2023 and 2022. The data from Rightmove shows resale & newly built detached houses, semi-detached houses, terraced houses, unspecified houses, flats/apartments, bungalows, and land.

Average Asking Prices

Market Takeaways

• There are more properties for sale across Islington, showing similar signs as the UK market. Across the UK, properties now take longer to sell, and Islington is no different. Throughout the year, there were more properties in Islington for sale for over 12 weeks than there were in all of 2023. Price reductions had a more volatile year, but ended above 2023 and 2022.
• Most stunning are the average daily views per property, since May taking off with buyers browsing Rightmove way more than they did in 2023 - nearly every single month. This was due to a more optimistic market shaping, which took a turn on 1st August when the bank base rate was decreased to 5%.
• Asking fell in December, which is usual for the month, with the Christmas and holiday season wind-down. All trend lines for asking prices are pointing upwards, a good sign, and Islington points the most.

Jacob's Note

For N1, N5, and N7, the most notable event during 2024 was the big increase of homeowners instructing estate agents to sell their property in September. With the bank base rate decreasing on the 1st of August, following the summer holidays, more homeowners seemed to have reflected and decided that it was time to try to sell. September thus saw 388 new instructions - the highest activity since June 2023 in Islington. Below is the summary for the year 2024 against 2023:

??? New instructions: 2024: 3412 | 2023: 3186

?? Sales agreed: 2024: 2081 | 2023: 1795

?? Price reductions: 2024: 1761 | 2023: 1832

2024 was a very positive, active year, in the Islington N1, N5, and N7 property market. ??

The Land Registry has published the latest average sold property prices for properties sold in October 2024. The charts below display the data for Islington (borough), Inner London, and the 10-year average (2014-2023).

Islington (Borough) Completed Sale Property Prices

Inner London Completed Sale Property Prices

Jacob's Note

What we see here is that 2024 is so far not the strongest year, compared to 2023, in Islington nor throughout Inner London. However, it is better to compare with the 10-year average, as is done for each property type. What is truly stunning, is the near insignificant change of sold prices for flats and maisonettes.

This highlights the insignificance of average prices, not just for all properties, but for each property type. The only interesting piece of data is the trend, to where the prices seem to be going. What is vital for you to understand, is that the saleability of your property is of most importance. It covers the presentation and promotion of your property, to hopefully put your property above the average, for a happy move.

Brick and mortar doesn't sell just because it is there. It has to look good, and it has to be promoted smartly, to create urgency and exclusivity, to attract the best offer from the best available buyer in the current market, to sell.

UK Property Market News

Let's dive into the national statistics from Simon Gates of Opening the Gates, Rightmove, Zoopla, and Steve Eakins of Lumon.

• Simon Gates of Opening The Gates reported that there are considerably more properties for sale versus recent years and current stock levels are sitting at a 10-year high, which is 21.16% above the five-year average.
• Latest mortgage approval for house purchases in November 2024 was 8.77% above the 12-month average and 32.14% higher than November last year. This is another sign of future market activity and evidence that we are on course for a very strong start to 2025.

41.35% of properties had a price reduction. 54.30% of properties ended up selling. 23.41% of sales fell through.

• Gates further states that more properties are entering the market, with a higher number of previous sellers trying to sell again. Fewer properties are selling compared to the booming market of a few years ago, and those that actually sell are taking longer to do so. This has meant that the total number of unsold properties has risen; especially with the average unsold property having been on the market for 189 days.
• This means estate agents and sellers have had to continue to realign their expectations when it comes to asking prices with an almost 30% increase in the number of properties having to reduce their asking price in comparison to the five-year average.

• Rightmove reported that property asking prices ended the year 1.4% ahead of 2023. They predict that new seller asking prices will rise by 4% next year, with forecast mortgage rate drops set to further improve affordability and stimulate market activity.
• The number of sales agreed continues to track positively (+22%) compared with last year.
• The number of new buyers contacting estate agents about homes for sale is up by 13%.

• Zoopla reported that buyers and sellers returned to the housing market in larger numbers over 2024, having delayed moving decisions in the face of higher mortgage rates. Right now, the largest pipeline of sales for 4 years is working to completion: 283,000 sales worth ￡104bn, up 30% on a year ago.
• Committed sellers and buyers have continued to agree on new deals ahead of stamp duty changes in April 2025. Sales agreed in the last 4 weeks are 23% higher than last year.?
• Buyers have become more price-sensitive in Q4 2024, paying less of the asking price, over the outlook for mortgage rates in 2025 and concerns over the wider impacts of the Autumn Budget. It remains a buyer’s market, and these affordability pressures are keeping price inflation in check.

Currency Market

Steve Eakins of Lumon reported that a ￡2,500,000 UK property is a staggering USD $300,000 cheaper compared to 1st October, 100 days ago. This is great news for a US buyer looking to buy a new home in Islington.

?? GBP/EUR: The pound has fallen 2% against the euro since Christmas. For example, ￡700,000 now buys €16,800 less than it did on 25th December. Good news for EU-based buyers, however, if you are selling your Islington home and moving to Europe post-sale - it is a currency rare worth being aware of.*

?? GBP/USD: The pound is at its lowest against the US dollar since October 2023, down 9% in the last 100 days. For USD-based buyers, their budgets continue to go up, meaning they can afford more property in the UK.*

?? Timing is everything: These movements can create opportunities for buyers—or challenges for sales if they don’t act quickly. That is why Lumon helps property buyers in the UK and overseas to lock in favourable currency exchange rates, to avoid having to pay more on the completion day of the purchase.

*Comparing the high and low of the inter-bank price, indicative rates. The rates are subject to live rate movements.

This week's featured local hotspot is the favourite institution of every Barnsbury resident: The Albion on Thornhill Road. Busy all days a week (and particularly for Sunday Roast), this gastropub, a Georgian gem, with a beer garden, has been serving up in Barnsbury since Islington was fields and farmland. ??

Did you know that only 36% of properties in London successfully complete the sale? Selling is not straightforward, which is why it's crucial to focus on your property dream, and we are in this together.

Since 2019, I've dedicated myself to rigorous training to provide you with exceptional service and results. I hold the NAEA Propertymark Level 2 and Level 3 Awards in the Sale of Residential Property, ensuring qualified expertise.

My attention is with you. I personally guide you through every step of your sale with a deep understanding of your unique situation - from our first conversation to the completed sale. As your dedicated advisor, I'm here to shape your roadmap to success. Turn your dreams into reality with your Personal Estate Agent, Jacob Littorin. ??

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