House prices in Islington rising faster than any other London borough
PUBLISHED: 13:21 14 November 2013 | UPDATED: 13:21 14 November 2013
House prices are rising faster in Islington than any other London borough – according to figures released by property experts.
In a report complied by estate agents Knight Frank, prices in Islington were said to have risen by 1.7 per cent in October, second only to the “City Fringe” area at 3.5pc.
The figures also showed that the rise in residential prices in prime central London was comparatively low with only a 0.6pc increase.
Estate agents have put the increase in Islington down to the combination of high demand and shortage of housing in one of the most crowded areas of the city.
Daren Hayshom, Director for Foxtons estate agents in Islington, said: “It’s no surprise that Islington prices are rising at this rate, demand is incredibly high.
“With the new East line you can get to Canary Wharf very easily and there are some great schools – lots of families are choosing to move from the city where they might only be able to afford a flat to somewhere like Islington where they can buy a house.
“Unfortunately the government’s help to buy scheme is not much good as there’s no shortage of buyers, it’s more homes we need.”
While the rise in prices may be a result of improvements in the borough, Islington is becoming a victim of its own success as inflated prices are bad news for those hoping to get on the property ladder.
Jeremy Corbyn, MP for Islington North, said: “The house prices are so high in Islington that the borough is completely unaffordable for first time buyers, even if you’re earning around £70,000 a year.
“There’s very little building going on at the moment but hopefully if the council is successful with what it is trying to do it will be able to take some of the pressure off.
“With every price increase there is usually yet another rise in rent for those in the private renting sector just for the sake of it.
“I’m persisting with my private members bill which would regulate letting agents and prevent this from happening.”