2017 has got off to a good start after the notoriously quiet Christmas period, with plenty of people kick-starting the search for their new home in the New Year. In lettings, we are still seeing high levels of stock on the market as a result of the surge of buy-to-let properties that took place in the months just before the stamp duty increase last April.
Upper Street and the surrounding areas are a popular location for young professionals who are looking to be both within easy reach of the City and trendy pubs, bars and restaurants. It’s also a sought-after location for families looking to be within the catchment area for the various excellent schools the area has to offer. I have no doubt that the lettings market will remain strong in Islington, as demand from tenants usually increases in the spring and summer months.
What’s happening in the area?
•Construction is still on the way for the impressive Islington Square, the development being due for completion by 2018. The luxurious flats, maisonettes and shopping village will enliven the trendy Upper Street area which continues to attract young professionals and families alike. This outstanding project will provide up to 263 new homes and 170,000 square feet of retail and leisure facilities.
•Islington has been nominated as one of the best areas for pupil progress compared to the majority of England. New figures reveal that Islington has been ranked 18th out of 151 local authorities for the academic progress made by pupils between the end of primary school and their GESC results across eight key subjects.
•Due to its popularity and central London location, Islington is also becoming an Airbnb hotspot. However, new Airbnb rules prevent London hosts from renting out homes for more than 90 days a year, unless they have official consent, which will lead to more homeowners seeking longer term lets which will only continue to strengthen the ever-growing lettings market in the area.
If you are thinking of listing your property on Airbnb, click here to find out how much you could earn.
Holly - Islington Manager - Winter 2016