Islington Property Market ?? November 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 November 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.

Market Takeaways

• More sales were agreed in Islington during November than in 2023. This has been a steady trend since April - a sign of an active property market.
• We see more properties available for sale than in November 2023. Meanwhile, since March, Islington has had way more properties staying on the market for 12 weeks or longer.
• Average daily views per property took off in November - showing that buyers have their eyes out for the right property.

Jacob's Note

November in N1, N5, and N7 reflects similar trends to the national property market, with buyer demand up by 23% (explored later in this update) and more sales being agreed. However, buyers remain highly price-sensitive, as evidenced by the number of properties staying on the market for 12 weeks or more. Additionally, the number of properties available for sale exceeds the number of new listings (new instructions to sell).

Islington has seen increased activity among home sellers this November. It’s a competitive, price-sensitive market where success depends on presenting and pricing your home strategically. Buyers have plenty of options yet remain affordability-stretched, making first impressions more important than ever.

The Land Registry has published the latest average sold property prices for properties sold in September 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

Islington (Borough) Sales Volume

Jacob's Note

In September, the average completed sale price for properties registered at the Land Registry fell below Islington’s 10-year average. However, the gap compared to 2023 is relatively small at just ￡38,394. What makes September’s figures stand out is the significant influence of flat and maisonette sales, which largely account for the dip. This highlights an important point: the overall average property price often holds little relevance for homeowners. Instead, focus on the average price trends for your specific property type. For flats and maisonettes, prices remain steady, closely tracking the 10-year average.

Sales volumes (number of transactions) are currently reported to be below 2023 levels and significantly lower than 2022. However, figures for the first two quarters of 2024 are likely to increase in the coming months as additional transactions are registered.

UK Property Market News

Let's dive into the national statistics from Simon Gates, Rightmove, Zoopla, and Lumon. We begin by looking at the recent breaking news and analysing the average asking prices.

• Simon Gates reported that there is a national increase in new listings, properties for sale, and sales agreed. However, fall-throughs and price reductions are increasing. Fewer properties are withdrawing from the market, while more sellers are returning to the market to try again.
• Mortgage approvals are up 42.59% on last year, and 4.12% on last month. Approvals have increased 5 months in a row and are at the highest level since August 2022.
• Transactions are up 21% on last year, 10% on last month, and 3.25% on the 10-year average. Additionally, this is the highest number of transactions since August 2022, and the first time since then that they have hit the 100,000 mark.

• Rightmove reported that buyer demand has increased by 23% compared to a year ago, driven by a post-Bank Rate cut surge.
• The number of sales being agreed is still 26% ahead of the quieter market at this time in 2023.
• The market remains price-sensitive, and seller competition is at its highest level for a decade. Those keen to sell will need to offer a well-presented and well-priced home to attract buyers who are spoilt for choice and still affordability-stretched. Additionally, Bank Rate cuts are now forecast to be slower-paced, so affordability may take longer to improve than previously expected.

• Zoopla reported that more buyers will pay higher stamp duty in England and Northern Ireland, which will act as a drag on price inflation.
• Mortgage rates are unlikely to change over 2025 but we expect lenders to innovate affordability assessments to support demand.
• The sales market is on track for 1.1m sales completions over 2024 - 10% higher than 2023. The pipeline of sales is also 30% larger than this time last year.

Currency Market

Steve Eakins of Lumon reported that the GBP pound recently reached its highest level against the EUR euro in 2? years. The pound ￡ to euro € is retesting its highest levels since April 2022 in the last few days (first few days of November). The current French political uncertainty has weakened the Euro. This means that sellers moving to Europe could accept a lower sale price in GBP and still buy strong in EUR.*

Meanwhile, GBP Sterling remains volatile against the USD due to speculation around Trump’s plans for 2025, especially concerning potential EU or UK tariffs. Any update here could have a real impact on budgets for USD-based buyers or sellers relocating to the US or the Middle East.

*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 Baby Batch. Located on Downham Road in the heart of De Beauvoir Town, they are an independently owned and operated speciality coffee shop serving up since 1st November 2021. ??

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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