House prices in Islington have slumped 7.8% in a year, according to a report from Bloomberg News. The organisation suggests that the statistics are the result of a concoction of "Brexit uncertainty... converged with rising interest rates, higher sales tax and stretched affordability."
Other London boroughs in which Bloomberg reports a dramatic fall in the median price of a house include Wandsworth (-7.2%), Lewisham (-5.1%) and Southwark (-4.8%). Prices in the City of London have plummeted a whopping 18.7% since last year, although the Square Mile only has around 8,000 residents, so may not be the best indicator of housing trends.
It's not all negative news for London's home owners. The median price of housing in many other boroughs continues to rise: in Sutton by 8.1%, and in Kensington and Chelsea, 14.8% — suggesting a certain stability in the market.
However, Bloomberg points out that: "It could be a while before the full extent of the price declines show up in the numbers as tumbling sales have made it difficult gauge the full picture, especially in the priciest parts of Central London."
Will the map begin to flood with more lighter blue boroughs as statistics continue to be updated? Plenty of sources — including Property & Homes, The Guardian and The Week — back up Bloomberg, to suggest: yes.
