House prices fell in Islington in last year, study shows
- Credit: PA
Islington was one of only five places in the UK to see house prices fall in 2021, according to a study by Halifax.
The data released today (December 30) showed that Taunton in Somerset was the house price ‘hotspot’ of the year - with prices rising 21 per cent in the past 12 months on average.
But Islington was seen not just to be a ‘coldspot’ - where local price growth has slowed - but one of only a handful where an average property is worth less than in 2021.
An average house price in the borough is now £716,554, which is £11,368 less than in 2020 which represents a 1.6 per cent drop in price.
Russell Galley, managing director of Halifax, said: “It is rare that no London boroughs appear amongst the areas of highest house price growth but that is the case in 2021.
“This shift echoes what we have seen from home-buyers over the last year – less focus on major cities and more demand in the suburbs and further afield.”
Islington was fifth on the ‘coldspot’ list, with Westminster taking top spot after seeing house prices fall by an average £54,809 - a 6.9 per cent drop.
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Additional reporting by Vicky Shaw, PA Personal Finance Correspondent.