Islington Property Market - N1, N5, N7 - May 2024
Jacob Littorin MNAEA
Swedish Personal Estate Agent in Islington, London ???? Discover how to sell and buy an Islington, London home on #LittorinMeansLondon. Follow me @jacoblittorin across all social media. ??
Your market update from Islington's N1, N5 and N7 postcodes - enjoy!
Jacob x
?? AVAILABLE ISLINGTON PROPERTIES
?? NEW LISTINGS
?? SALES AGREED
?? PRICE REDUCTIONS
?? LISTED FOR MORE THAN 12 WEEKS
?? AVERAGE DAILY VIEWS PER PROPERTY
Islington Market Takeaways
More properties are for sale, and more new listings, similar to the national momentum (more on that below). The rise in sales agreed shows an active market with motivated sellers. The increased number of price reductions means that sellers and agents face the reality of the market which is that house prices are not rising.
Jacob's note...
76 average daily views per property, compared with 68 last year, showcasing buyer confidence and demand, likely influenced by stabilised interest rates (Bank of England holding the base rate at 5.25%, and inflation currently falling. However, buyers are carefully purchasing property in 2024.
The Land Registry has published the average sold prices for properties sold in March. Below is the data for Islington (Borough) and Inner London, compared annually with March 2023, and monthly with February 2024.
?? ISLINGTON (BOROUGH)
?? INNER LONDON - AVERAGE SOLD PRICES
Jacob's note...
Islington's average house prices are rising across all types of property. Semi-detached houses are appreciated the most. In N1 alone, semi-detached houses make up only 441 of the total 50139 properties (0.88%). Of these, the majority are 3 bedroom (163 properties), and 4 bedroom (152 properties). In May 2019, before the pandemic, the semi's average sold price was ￡1,107,782. The difference is now ￡201,181.
In stark contrast, Inner London's prices are on the decline. Later in this update, maps from Bricks&Logic will show the reality.
领英推荐
?? AVERAGE ASKING PRICES
?? MORE HOMES FOR SALE
Zoopla reported that there are more homes for sale nationally than at any point in the last 8 years.
However, they also reported that 31% of homes currently available for sale were also listed for sale in 2023 but failed to find a buyer. 43% of these homes that had been on the market in 2023 have had their asking price cut by more than 5% to attract demand.?
National Market Takeaways
The current market highlights the importance of pricing homes correctly at the outset. Simon Gates , at Opening the Gates, reported a +8.93% (monthly) and +25.37% (annually) increase in national price reductions on property listings. In Islington (see above) it was +26.5% (monthly) and +24.6% (annually). It means that sellers and agents are pricing properties too high.
Rightmove's research shows that properties that need an asking price reduction take more than 3 times longer (112 days) to find a buyer than those that do not reduce price. Sellers who price right from the outset may sell 3.5 times more quickly, averaging 32 days to get a sale.
With too many price reductions happening, sellers are reacting to the reality of the market. Rightmove also reported that during the first 4 months of 2024, transaction numbers on a national level are 17% more than last year, with a record number of sales taking place, according to Rightmove and Zoopla.
Fewer sellers are withdrawing their properties from the market (24.6% fewer than the 6-year May average), and more properties are relisted on the market (data from Simon Gates, Opening the Gates).
Jacob's note...
This is a positive sign of confidence in the market. More properties for sale give buyers more choices, and that levels house prices. Higher transaction levels mean more motivated sellers, who need to sell and not just test the market.
In addition, inflation hit 2.3% in May, which is the lowest figure since the summer of 2021. Net mortgage approvals for home purchases have been up steadily since the last 6 months (data from Simon Gates), meaning more buyers can transact. Although buyer demand is up 2% (according to Zoopla), buyers have choices and (as reported in April) are carefully purchasing property, due to higher monthly mortgage repayments.
OnTheMarket reported that only 39% of properties for sale in Greater London sell within 30 days of marketing - down from 42% in April. This means you have to price correctly at the outset. House prices are not rising. Look at the difference of ￡107,276 between Rightmove's average listing price in March, versus the Land Registry's average closed price in March.
Listen to your personal estate agent and price correctly to sell in 30 days, which is the best outcome for you.
The maps below from Bricks&Logic show the 12-month change in house prices in Islington, in Greater London, as well as in England and Wales.
Jacob's note...
The central and northern parts of the borough of Islington appreciated in value over the past 12 months. Remember that average house prices are just average. These maps show the reality of demand.
My name is Jacob Littorin, your Swedish aspiring Personal Estate Agent in Islington. My mission is to get you the best deal and smoothest process when selling your property, in what might be the biggest transaction of your life. ??
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**The data from Rightmove shows resale & new build detached houses, semi-detached houses, terraced houses, unspecified houses, flats/apartments, bungalows, and land.
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9 个月Great update Jacob Littorin and thanks for the mention????