Ian Fraser, franchisee Winkworth Islington

Winkworth Islington has published it’s quarterly market insight, analysing trends and the outlook for the Islington residential property sales and lettings markets.

Summary:

-  The first six months of 2010 saw average values grow 7.8% before falling to 1.8% in the next five months. This was a theme reflected across the UK.

-  Confidence returned to the Islington housing market right towards the end of the year, with a surprising amount of activity in November and December, both of which are traditionally quiet months.

-  In Islington transactions over the last full 12 months increased 30% compared to the previous 12 months.

-  Although transactions increased in every price band this was more pronounced in the market over £500,000.

-  The proportion of properties sold over £500,000 rose to 27% in the last 12 months from 17% in the previous 12.

-  Rental values in Islington saw a 15% increase last year and the market continues to be strong, with supply remaining restricted and demand high.

Ian Fraser, franchisee of Winkworth Islington, comments:

“We experienced an improvement in confidence towards the end of last year. Just before Christmas, we completed on a three bedroom house at £825k, selling to the first person who viewed the property and achieving 98% of asking price. This momentum has continued into 2011, and in our office alone we have seen a 45% increase in buyers registering compared to the same period last year.

Demand for prime properties in Islington remains strong. We tend to see two dominant buyer profiles – City workers and lawyers attracted by the close proximity to work amongst other things; all looking for anything from a pied-a-terre to a primary residence. Our applicants generally have sizeable amounts of equity and raising finance is not an issue. On the supply side of the equation, although as an agency we have more stock than most of our competitors, stock levels remain low. This imbalance in demand and supply will continue to underpin values.

Although economic uncertainties remain, property is still an appealing asset. As a consequence, in Islington in 2011 we anticipate steady demand for the best properties in good locations”.

For a full review of the report follow this link: Winkworth Islington Market Insight – Winter 2011