Compare UK house prices with value of homes in Islington and Hackney
Hackney and Islington – two neighbouring boroughs with their own distinctive character and appeal, but where can you find the best value in 2019?
According to UK House Price Index (HPI) average house prices have fallen in both boroughs over the past year – by 1.7% in Islington and, more steeply, by 8% in Hackney. Good news if you’re a first-time buyer or looking for a more affordable property in either borough, less so if you’re thinking of selling. But don’t despair, there’s plenty of optimism out there about the market in both boroughs.
What’s happening to UK property prices?
While uncertainty over Brexit prevails, predicting the impact on house prices in 2019 is a difficult call to make. Some commentators believe that once a Brexit deal is reached, prices will begin to rise steadily, while others fear for the market if Britain crashes out of the EU.
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 in 2018, replacing Camden at the top of the table.
“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.
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.
What is my home 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.
The latest house price
According to the data for December, which covers transactions that were completed in October, the average price of a home in the borough of Islington now stands at £646,848 – 0.26% down on the figure for September and 1.7% lower than in October 2017. Flats and maisonettes in Islington sold for an average of £577,800 in October 2018.
In Hackney, property sold for an average price of £526,442 in October, which represents a 2% fall on values in September and an 8% fall since October 2017. Flats and maisonettes in Hackney sold for an average of £487,193.
In the whole of England, the average sale price of a home in October 2018 was £231,095. This represents a fall of 0.2% on previous month and a 2.7% increase on average values in 2017.
Case study: Newington Green
With its villagey 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 17.16% over the two years to July 2016, according to the Land Registry, and are 24% above the London average of £565,374.
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.