Hackney and Islington – two neighbouring boroughs with their own distinctive character and appeal, but where can you find the best value in 2022? How do Hackney and Islington house prices compare?

The UK House Price Index (HPI) calculates the change in residential property value. According to HM Land Registry, which reports monthly datasets, average house prices have increased in both boroughs over the past year – by 2% in Islington and, slightly more, by 4.7% in Hackney. Good news if you’re thinking of selling, but less so for a first-time buyer.

What’s happening to UK property prices?

With the impact of the coronavirus (COVID-19) pandemic and rising living costs in the UK, predicting the impact on house prices in 2022 is a difficult call to make. RICS (the Royal Institute of Chartered Surveyors) reported the highest levels of prospective buyer enquiries since the stamp duty holiday period in May 2021, with signs of an increase in house sale listings too. For both Hackney and Islington, a central location, a mix of desirable properties and an amazing range of bars, restaurants, culture and nightlife suggests they’ll always be a good long-term investment.

Other reports also claim that both Islington and Hackney will see their property markets grow long-term. According to a report in Property Wire, Islington is among the London boroughs to have seen the highest house price and rental growth rises. “Close to the Square Mile yet maintaining a unique reputation for nightlife and attractive traditional housing, Islington has always been a popular choice for young professionals and families as well as city workers, and its connectivity will be enhanced by the new Crossrail stop at Farringdon,” it says.

According to a report in the Evening Standard Homes & Property “The cost of a house in Islington has risen by £120,000 since the first Covid-19 lockdown in March 2020, the fastest rate of house price growth of any London borough.”

The story, based on analysis by real estate consultant CBRE, also predicts that jobs growth and GDP will help Hackney’s housing market to grow, going forward.

Looking over a 20-year period, Hackney is the borough to have seen higher house price growth than anywhere else in the UK, according to the Evening Standard Homes & Property. Since 1998, prices in the borough have increased by more than 500%, thanks to factors including new property developments, tech start-up employers, independent shops and a trendy vibe. Hackney is now the 11th most expensive borough in London.

“Hackney may be following in Islington’s footsteps in becoming unaffordable for many buyers” stated in a report from Bloomberg UK.

stamp duty on second homes

What is my home in North London worth now?

If you are considering making a move, you’re probably wondering how much your home in Islington or Hackney could be worth on the open market. The value of any London home is dependent on a wide range of factors. These will include the property’s size, type, location and condition, as well as whether it is leasehold or freehold – and even the time of year the property is put up for sale.

You can get a good indication of how much your home could be worth from the latest UK HPI figures. The UK HPI is not the only measure of local property values. But unlike other data sources such as the Nationwide House Price Index or the Halifax House Price Index, which use their own mortgage figures, the UK HPI uses sales data from the Land Registry and is calculated by the Office for National Statistics. The UK HPI also takes into account transactions involving cash and mortgages to calculate changes to values compared with the previous month and the same time 12 months earlier.

According to UK HPI statistics from HM Land Registry, the HPI for all property types in Islington in March 2022 was 113.5 and 132.2 in Hackney.

The average price of all property types in Islington in March 2022 was £699,757. In comparison to £620,454 in Hackney.

The latest house prices

According to the latest data in March 2022, in England, the average sale price of a home was £297,524, a 9.94% annual increase.

The latest house prices in Islington

In March 2022, the average price of a home in the borough of Islington stands at £699,757 – a 2.03% annual increase. Flats and maisonettes in Islington sold for an average of £615,994 in March 2022.

The latest house prices in Hackney

In Hackney, property sold for an average price of £620,454 in March, which represents a 4.69% annual increase. Flats and maisonettes in Hackney sold for an average of £566,001 (March 2022).

The latest house prices in Stoke Newington

Rightmove reports, “Properties in Stoke Newington had an overall average price of £777,316 over the last year.

The majority of sales in Stoke Newington during the last year were flats, selling for an average price of £531,825.”

Property prices in Newington Green

With its village feel, historic properties and choice of independent shops, bars and cafes, Newington Green is an area with a foot in both boroughs. Newington Green has welcomed an influx of young professionals and families over the past decade, many from the creative and media industries. Consequently, property prices in Newington Green increased by 4% last year, with an average price of £744,887, according to Rightmove.

Find out more

If you own a home in Newington Green, Highbury, Islington, Stoke Newington, Hackney and the surrounding areas, contact M&M Property today. We will arrange for one of our experienced property consultants to visit you at a time that is convenient to provide an accurate valuation and explain how best to market your flat or house to achieve the best possible sale price.