Islington Property Market 📊 July 2023
- Jacob Littorin
- Aug 1, 2023
- 2 min read
Updated: May 22
It is the first day of August, and while I hope you are enjoying the summer, here is a quick update on the Islington property market for you to read in your hammock.
In Islington’s N1, N5, and N7 postcodes in London, the property market is steady compared to July last year. Enjoy!
Jacob x.
🏠 Available Properties: 1001. The number of available properties for sale has increased by approximately 5.4% compared to July 2022 when there were 950 properties on the market.
🏠 New Instructions to Sell: 227. There were 8.6% more agent instructions this year compared to July 2022, which saw 209 new properties come into the market.
🏠 Sales Agreed: 124. The number of sales agreed remains stable, only down 0.8% compared to July 2022 where 125 successful sales were agreed.
🏠 Price Reductions: 136. Around 7.9% more properties had their asking price reduced this month compared to July 2022 when there were 126 properties with adjusted prices.
🏠 Properties Marketed for More Than 12 Weeks: 905. In July last year, there were 1001 properties.
The average time on the market in and around Islington is currently 255 days (approximately 36 weeks).
In comparison with July 2022, the property market in N1, N5, and N7 has demonstrated progress upward:
🏠 Available Properties: + 5.4% increase.
🏠 New Instructions to Sell: + 8.6% increase.
🏠 Sales Agreed: - 0.8% decrease.
🏠 Price Reductions: + 7.9% increase.
🏠 Properties Marketed for More Than 12 Weeks: - 9.6% decrease.
The data showcases a slight growth despite fewer sales agreed and despite the announced increase of the UK base rate to 5% in May, as well as mortgage rates rising steadily until the middle of July. It is important to remember that in any market there are homeowners who want or need to sell due to various circumstances. This means there are also buyers who want to buy.
It is just about instructing the best personal estate agent for you, who will get you the best deal and the smoothest process in what might be the biggest transaction of your life. 💜
My name is Jacob Littorin, your 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. 💜
Please subscribe to not miss coming Islington property updates. Follow me and my content-show Littorin Means London on my socials to find out how you can sell your Islington home:
*Source: Rightmove. Data showing resale & new build detached houses, semi-detached houses, terraced houses, unspecified houses, flats/apartments, bungalows, and land.
