High demand for houses in Islington

New research has revealed that house prices in Islington are rising faster than in any other place in London.

The findings by Knight Frank appear to suggest that the property market is recovering at a slightly faster rate in the borough, compared to other parts of London.

According to the report, Islington house prices rose by 1.7 per cent in October, second only to the 'City fringe' area at 3.5 per cent.

The figures revealed that property prices in prime Central London increased by 0.6 per cent in October and have increased by 6.2 per cent over the first ten months of this year.

Estate Agents have put the increase in Islington down to the combination of high demand and shortage of housing.

In the borough, a quarterly price growth of 2.6 per cent has pushed the change in prices in 2013 to 8.9 per cent.

Liam Bailey, global head of residential real estate at Knight Frank, said: "Demand for prime Central London property remains high, with the number of new applicants registering their interest in buying a home 34.4 per cent higher so far in 2013 compared to the same period of 2012. The number of property viewings is also higher over the same period, by almost 15 per cent."

The data also shows that much of this increase in demand is targeted at the sub-£2 million market, where sales are 7.6 per cent higher in 2013 to date compared to the same period in 2012.

However, it is no surprise that there is such a high demand to live in Islington. The borough is home to a number of cultural attractions, including the Almeida Theatre, the Estorick Collection of Modern Italian Art in Canonbury Square and the London Canal Museum.

Emirates Stadium is also located there, along with City University and the London Metropolitan University's North Campus.

Published 19th November, 2013

© 2013 Estates IT Limited