The lettings market in Islington is slightly unpredictable at the moment. Properties are staying on the market for a lot longer than we are used to, and in some cases, the rents that are being achieved are slightly lower than previous years.
This is something that is happening across board, not just with Portico - and we are seeing an increasing number of landlords who have had their property on the market for some time seeking sales valuations. Having said this, the number of applicant enquiries has boomed in recent weeks in line with the typically busy spring / summer market, so with a strong marketing strategy in place I have no doubt it will be business as usual over the next few months.
What’s going on in the area?
Businesses are still feeling the effects of the December 2016 flooding caused by the water main burst at the Angel end of Upper Street. Thai Square restaurant remains closed for refurbishment, as do several other establishments. The works are effecting traffic along Islington Green and buses remain on diversion. We hope it gets sorted out soon.
In other Islington news, one of London’s oldest buildings, the Charterhouse in Clerkenwell, has opened its doors to the public for the first time in 700 years! The Tudor mansion has been used as an Almshouse, boy’s school and a monastery since 1348. It will now present exhibitions revolving around the key role the former abbey has played throughout London’s historic events.
Finally, the £25m project to rebuild the Highbury Corner Bridge has moved to its next stage, ahead of schedule. The section of the bridge below the Highbury and Islington station forecourt was demolished over the bank holiday weekend and the workers are moving forward to replace it. The project is scheduled for completion in 2018.
Adam - Islington Manager - Summer 2017