Islington records fastest house price growth
Figures from the Halifax have revealed that the price of an Islington home rose by 13.4% in 2020, the fastest rise in the UK. The increase takes the average price of a property in the north London borough to £727,922.
However, the borough’s next door neighbour Hackney recorded a 1.5% price fall, making the cost of an average home £636,000. This was the second biggest decrease in the UK – good news for first time buyers looking at the popular borough.
Across London, the price of an average home was up 6%, with the capital taking up nine of the top 20 biggest increase slots. Croydon, south London, had the second biggest rise in the capital at 10.9%. It was joined by Hounslow, Romford, Richmond, Kingston, Lambeth, Sutton and Hillingdon which all saw price increases. Besides Hackney, Merton, Greenwich, Tower Hamlets, Haringey and Wandsworth all recorded price falls or slow growth compared to the UK as a whole.
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December Halifax data showed the strongest UK property growth since 2004, despite tighter lockdown restrictions in November. Across the UK, the average property sold for £253,243 – a 1.2% jump on the previous month, and a 7.6% year-on-year increase.
According to Russell Galley, Halifax’s managing director: “The housing market has been much more resilient than many predicted at the outset of the pandemic, and indeed many households remain confident about further price growth [this] year. However, the economic environment continues to look challenging. With unemployment predicted to peak around the middle of [the] year, and the UK’s economy not expected to fully recover the ground lost over 2020 for a number of years, a slowdown in housing market activity is likely over the next 12 months.”
Read more about this story in the Guardian.