Buyers head back to Islington, Hackney and Camden
The central London boroughs of Islington, Hackney and Camden are at the heart of a drift back to the capital, according to the Evening Standard.
The newspaper’s Homes & Property section reports increased offers and viewings over the past three months as part of a trend, which has seen more people moving to zones 1 to 3.
Says Homes & Property: “The number of offers made in the second quarter of this year was the highest three-month figure for 10 years.”
This increased activity follows a slow period in the central London housing market, blamed on political uncertainty, increased stamp duty and high prices.
But data from the capital’s think tank, the Centre for London, has shown that more people are now moving into the capital than leaving it. This is partly the result of foreign nationals taking advantage of a fall in the value of the pound, and fewer people leaving London to live abroad in the wake of the Brexit referendum.
The London property market’s highest growth happened in Camden, Islington, Hackney, Tower Hamlets and Newham; all inner London boroughs where prices are more affordable than prime central areas.
Hackney in particular remains one of London’s most popular boroughs. According to Land Registry data, annual price growth from June to June in the borough has fallen only once since 2011. Hackney’s homeowners experienced average annual price growth of 5.67% in the year to May 2019.
While fears have been raised about the impact of a no-deal Brexit on the housing market, the Evening Standard suggests the appointment of a new prime minister is good news for London. Like him or not, Boris Johnson could have a positive effect on the market, by bringing political stability and the possibility of a cut in stamp duty.
Read more about this story on the Homes & Property website.