Islington Property Market - March 2024
- Jacob Littorin
- Apr 7, 2024
- 3 min read
Updated: Jul 7, 2024
Your most favourite Islington update from the postcodes of N1, N5, and N7 in London. In addition, I cover national statistics and heat maps from Bricks&Logic. Enjoy!
Jacob x
🏠 AVAILABLE ISLINGTON PROPERTIES
1179 - up +5.8% from 1114 in Feb. ⬆✅
Down -2.6% from 1,211 in March 2023. ⬇❌
🔍 NEW LISTINGS
294 - up +7.7% from 273 in Feb. ⬆✅
Same number as in March 2023. ⬇❌
📈 SALES AGREED
191 - up +30.8% from 146 in Feb. ⬆✅
Down -5.9% from 203 in March 2023. ⬇❌
💰 PRICE REDUCTIONS
135 - up +0.7% from 134 in Feb. ⬆❌
Down -20.1% from 169 in March 2023. ⬇✅
🕒 LISTED FOR MORE THAN 12 WEEKS
1139 - down -2.2% from 1165 in Feb. ⬇✅
Up +7.4% from 1,061 in March 2023. ⬆❌
👁 AVERAGE DAILY VIEWS PER PROPERTY
91 - up +12.3% from 81 in Feb. ⬆✅
Up 13.8% from 80 in March 2023. ⬆✅
Market Takeaways
The average number of days to find a buyer in March was 71 days, compared to 84 days in February (source: Rightmove).
During February, roughly 39% of properties in London listed for sale, were sold (subject to contract) within 30 days. The remaining 61% lacked one of the 4 P's: either Presentation, Person (Agent), Promotion, and/or Price (source: OnTheMarket).
The difference between UK's Average Asking Prices and UK's Average Sale Agreed Prices, in February, was a whopping £74,675 (source: Simon Gates).
The most expensive house having sale agreed in Islington N1, N5, and N7 during March, was a 5 bed, 4 bath, 2,600 sqft, terraced, Freehold Grade II listed Georgian home on Richmond Avenue. Its asking price was £3,750,000.
Jacob's note...
The number of sales agreed nationally was +13% higher than March last year. In Islington, it was -5.9%. The nationally increased buyer demand is also seen in Islington, with more average daily views per property.
However, attractively priced properties sell quicker for a better price. Properties priced over-optimistically take longer to find a buyer, and won't sell at the best price as stale properties aren't attractive.
The sold house prices in January are now published, here compared with January last year (2023) and with the previous month (December).
🏠 ISLINGTON (BOROUGH)
Average Price: £659,560 | -3.7% Jan. 2023 | -5.0% Dec. ❌❌
Detached House: £1,815,001 | -3.3% Jan. 2023 | -5.3% Dec. ❌❌
Semi-Detached House: £1,262,387 | -2.9% Jan. 2023 | -5.0% Dec. ❌❌
Terraced House: £1,073,947 | -4.3% Jan. 2023 | -5.1% Dec. ❌❌
Flat/Maisonette: £579,546 | -3.6% Jan. 2023 | -5.0% Dec. ❌❌
🔍 INNER LONDON
Average Price: £586,090 | -5.6% Jan. 2023 | -0.8% Dec. ❌❌
Detached House: £1,444,276 | -8.8% Jan. 2023 | -1.6% Dec. ❌❌
Semi-Detached House: £1,001,508 | -5.1% Jan. 2023 | -1.2% Dec. ❌❌
Terraced House: £741,026 | -6.5% Jan. 2023 | -1.1% Dec. ❌❌
Flat/Maisonette: £528,586 | -5.3% Jan. 2023 | -0.6% Dec. ❌❌
Jacob's note...
In London, on average 95.7% of the asking price is achieved when a sale is agreed. That's an average 4.3% discount on the asking price. Nationally, the number is 96.1%, and of the properties listed for over 3 months, 32% of homes are still asking the same price. The other 68% of homes in this category have had a price reduction (Zoopla). This means pricing realistically with a strategy is vital to sell in 2024.
How did the UK perform in March?
🏠 UK Average Asking Prices:
+1.5% (+£5,279) from February, to £368,118.
+0.8% compared to March 2023.
👁 UK Buyer Demand:
+8.0% above last year.
💰 Average 5-year Mortgage Rate:
4.84% - up since February's reporting of 4.64%.
Jacob's note...
In 2023, the average 5-year mortgage rate peaked in July at 6.11%. Now that's a big difference from today's 4.84%.
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...
Islington is RED! House prices up at most +2.9% during the last 6 months. Meanwhile, Islington is performing great compared to other areas in London.
My name is Jacob Littorin and I am your Personal Estate Agent in Islington. My mission is to get you the best price and smoothest process when selling your property and moving to your new home, in what might be the biggest transaction of your life. 💜
Please subscribe to this newsletter to not miss my coming Islington Property Market updates, only on #LittorinMeansLondon.
Follow me on my socials @JacobLittorin and @LittorinMeansLondon:
*The data from Rightmove shows resale & new build detached houses, semi-detached houses, terraced houses, unspecified houses, flats/apartments, bungalows, and land.
