Islington house prices weather Brexit storms to soar 8% in just one month

Property prices in north London had been forecast to fall 10 per cent after the Brexit vote. Picture

Property prices in north London had been forecast to fall 10 per cent after the Brexit vote. Picture: Daniel Leal-Olivas/PA - Credit: PA Wire/Press Association Images

Islington’s property prices are weathering political storms to come top of the Rightmove house price index for London this month.

The average price of an Islington house is now £859,175, up 8.3 per cent from the October average of £793,326, meaning prospective buyers will have to find an extra £66,849.

Across London prices went down on average, but only by 0.3 per cent.

Traditionally a drop in temperatures sees a drop in prices and for the past six years London house prices have seasonally fallen by 1.5 per cent.

This would suggest the market is remaining resilient in the wake of Brexit, while the Islington micro climate is positively toasty.

It’s cheering news for those already on the property ladder, but chilling for prospective homeowners who relentlessly find themselves priced out of the market.

Miles Shipside, director of Rightmove, said: “Price resilience is not good news for cash-strapped aspiring first-time buyers, and in spite of the more subdued time of year the smaller properties they typically target have increased in price this month – the only market sector to show an increase.”

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The Rightmove figures only reflect the asking prices, however, and not the price paid.

Guy Williamson, senior branch partner of Felicity J Lord in Islington, told the Gazette: “That figure seems fairly high. We don’t think the market is falling and it’s improved throughout the month but I don’t think there’s an underlying market movement up.”

He added: “The market is fine given the time of year.

“The number of offers made has gone up, and we’ve seen an increase in enquiries as people become more serious about buying again. Fundamentally, Islington is getting on with it again after Brexit. It feels more positive.”