London house prices are plummeting according to the latest monthly report from property experts Rightmove. But not in Islington.
Islington property prices have gone up by 5.2 per cent on last year, while London prices are down 3.8% and the national fall is 4.8%.
I’m an Islington home owner (leaseholder) myself, so you’d perhaps expect me to be pleased that local property values are holding up against the trend. After all, the rest of the economic news is pretty dire.
But I’m not so sure. Unless you’re planning to sell up and leave Islington, being more expensive than most other places is not good news. And it makes our community more economically polarised than ever.
The Islington Gazette reports that the average house price in Islington is now £542,935, up from £516,306 in the same month last year.
So you now have to be earning the price of an average home in the Midlands to get a mortgage for an average home in Islington.
I’m not sure that’s good news for anyone…