New homes in Islington
New homes in Islington
Spotlight on Islington
Islington is a vibrant, young borough with a highly-educated workforce. Its central London location, excellent transport links and great cultural life attract wealthy City and media professionals. With the population set to soar by 17% over the next decade, it could be the ideal place for your next property investment.
Farringdon to become one of London’s busiest stations
When Crossrail’s Elizabeth line opens in 2018, nearby Farringdon station will be one of the busiest in the UK. Being the only station to be on both the north-south Thameslink service and the east-west Crossrail service, it will become a hub for cross-London travel – linking outer London with the City and CanaryWharf. It will also provide connections to three of London’s five airports: Heathrow, Gatwick and LondonCity.
The number of passengers passing through Farringdon is predicted to jump from 19 million a year up to 27 million in ten years’ time. To take advantage of is extra footfall, businesses in Farringdon and neighbouring Clerkenwell have recently voted to turn the area into a Business Improvement District. This will create a budget of £1.5m to help them turn the area from a crossroads into a leisure and retail destination.
Angel set to benefit from Crossrail 2
Crossrail 2 is the new north-south route, designed to link new homes with jobs across the South East. While it won’t be up and running until at least 2030, it’s already starting to have an impact on property prices in the areas where stations are proposed. Angel is a thriving local centre but it’s currently served only by the Northern Line – one of the Capital’s busiest. A new station here will add more trains, reduce overcrowding and speed up journeys.
It’s not just Crossrail’s reduced travel times that will attract buyers here. Large regeneration projects tend to improve the areas around stations and provide a wider choice of amenities and new residential developments. Although it has not yet been given formal consent from the Government, many investors are already looking ahead to the opportunities Crossrail 2 could bring to Angel.
Home to the UK’s answer to Silicon Valley
Known locally as Silicon Roundabout, TechCity is the name given to the cluster of tech businesses that sprung up around the Old Street roundabout after the 2008 recession. The area gained popularity with tech companies who flocked here in their thousands due to its low rents.
In 2013 and 2014, it was the UK’s fastest growing area for new businesses. Although rising rents are encouraging many new start-ups to look elsewhere, TechCity still plays a key role in the Capital’s flourishing tech industry. Amazon is due to open a vast 15-storey head office in Shoreditch later this year, and Expedia has just signed a new deal to expand its office in Angel with a new lease that runs to 2030.
A wealth of shopping and dining options
Islington is a shopper’s paradise with Upper Street offering everything from supermarkets and chain stores to quirky independent shops. Camden Passage offers antiques and second-hand treasures, while Chapel Market has a great selection of produce and bric-a-brac plus a popular farmers’ market on Sundays.
There’s also a wide selection of restaurants in Islington, especially on Upper Street where trendy chains jostle for positions next to much-loved independents. Popular choices include Yotam Ottolenghi’s vegetarian restaurant and Almeida, said to be one of London’s top 150 restaurants, for fine modern British dining. In nearby Exmouth Market, there’s even more choice on offer.
A rich and varied cultural scene
There are four theatres in Islington, including the innovative Almeida Theatre and Sadler’s Wells which showcases dance and ballet. For music lovers, the gothic and candle-lit Union Chapel is one of London’s most atmospheric venues.
Film lovers will find a 10-screen multiplex here as well as Screen on the Green, a single-screen cinema showing art-house and main release films. The Estorick Collection of Modern Italian Art, housed in a Grade II-listed building in Canonbury Square, has six galleries, an art library, a café and a bookshop.
Current asking prices and rental yields
As of February 2017, the average value of properties in the London borough of Islington is £779,474. It has increased 7.21% in the last 12 months and 44.71% in the last five years. For a two-bedroom apartment, the average asking price is £865,171 and the average asking rent is £2,359pcm, which means the gross rental yield is currently 3.30%.
This content is correct as of February 2017