SPECIAL: Islington Q3 & Q4 Property Market 2023
- Jacob Littorin
- Jan 14, 2024
- 2 min read
Updated: May 22
Six months of Islington Property Market updates for you since July. Time flies, so here is your summary for quarters 3 and 4 of 2023, compared with 2022. 💜
The data is from Rightmove listings, and although Rightmove is, of course, not representing the entire market (there is an off-market of property listings), it is a good representation of what is happening in Islington's N1, N5 and N7. There is also a map from Bricks&Logic featuring sale price changes. Enjoy!
Available Properties for Sale (Stock)
The big difference between 2022 and 2023 is the UK base rate. Remained at 0.1% until Dec 2021, increased to 1% in May 2022, to 2.25% in Oct 2022. After that, increased almost monthly, reaching 5.25% in Aug 2023.
From the post-summer listing period of August, the enthusiasm to sell was smaller than in 2022, as also reflected in new listings.
New Listings - Instructions to Sell Property
The period of December 2023 was a more enthusiastic month than in 2022, and just before, in November, properties were selling for real - up 50.5% compared with 2022.
Property Sales Agreed
Sales took speed in November after the drop in October, and before the holiday slow down. The Guardian reported on the 1st Dec that the November market responded to hopes that mortgage rate costs had peaked, and that it was the first time that homeowners have seen the value of their property rise at least three months in a row since the summer of 2022.
In addition, in November, the Bank of England kept the rate at 5.25% for a second time, which helped to push some 2- and 5-year fixed mortgage rates back down to below 5% – down from peak levels of more than 6% (The Guardian).
Listing Price Reductions
Price reductions were fewer than in Q3-Q4 2022, which is a good thing for homeowners.
Bricks&Logic Sale Prices Change
Camden Town and Highbury are HOT, where priced have increased with roughly 1.8% since July. This 'sale change' is based on data of actual sales and live listings.
Properties Marketed for More Than 12 Weeks
Not selling during the first 84 days listed on Rightmove.
Sales were somewhat quicker in Q3-Q4 2023, than in 2022.
Average Daily Views Per Property on Rightmove
Average views per property were higher in Q4 2023, suggesting higher demand. Note that Q3 is missing from 2022 as I didn't track those views back then, unfortunately.
The Property Advisors Whitney West, Eila East, and Nash North.
Psst... the Property Advisors on Littorin Means London want to tease you about the Islington 2023 Annual Property Market Report covering all the months of 2023. Out soon! 👀
Thank you for reading. Hope you found it valuable. My name is Jacob Littorin, your aspiring real estate agent and Property Advisor in Islington and London. 💜
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Data source: Rightmove. Data showing resale & new build detached houses, semi-detached houses, terraced houses, unspecified houses, flats/apartments, bungalows, and land. Map source: Bricks&Logic.
