Asking prices for properties in Islington fell in December 2016, while house prices across London remain flat.

According to figures released by the Land Registry, transaction numbers in Islington have fallen by a third compared with the start of 2016.

The Islington sales market has slowed in December, with the number of new sales falling by 35.4%, which is the sharpest fall in the UK.

Continued uncertainty surrounding Brexit and the as yet unknown outcome of the Article 50 negotiations has played a role, but stamp duty increases have had more of an impact.

However, it is not unusual for market conditions to slow as we head towards December. According to the Rightmove House Price Index for November, the average price of an Islington property rose 8.3% in November compared with the previous month. This suggests the market is proving resilient, especially in Islington.

Prime central London house prices have remained subdued since the spring. This contrasts with house price annual growth in outer London boroughs, where property is still comparatively good value.

Despite Brexit and a slowing down in December, the outlook for Islington remains positive.

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Islington Gazette