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Holloway Property Statistics

Few places have experienced such a radical transformation in recent years as Holloway. Once considered a somewhat rundown region, it’s since been extensively regenerated, and is now regarded as one of North London’s major property hotspots. The closure of the prison has also served to make this location more desirable than ever.

Holloway Property Statistics

Average house prices in Holloway over the last two decades – what’s happened to the market?

It’s fair to say that property values in Holloway have soared in the last twenty years. In fact, the average home (houses and apartments combined) has increased in value by close to £500,000 during this time.

The rise has been fairly steady, with a few minor dips over the years. Certain events, such as the housing crisis of 2008 and the EU referendum, caused prices to fall, but in both instances, the market swiftly recovered. Overall, Holloway has proved to be one of North London’s most buoyant locations – and is now incredibly sought-after, thanks to the regeneration works that have taken place in the last decade.

Bargain-hunters and investors alike are attracted to this location, as it offers great value for money – especially when compared to neighbouring regions like Islington and Highgate. Most experts predict that prices will keep rising in Holloway, so it’s a wise idea to search for properties now, or risk paying a lot more in the future.

Holloway’s property prices rise – 2000 to 2008

At the start of the millennium, property prices in Holloway were very affordable. The average house was £290,960, and the average apartment was just £154,729. However, this soon changed. Just four years later, house prices had risen to £418,603, and flats to £226,285. By 2008, these figures had increased again, to £660,111 and £307,649 respectively.

This impressive growth closely matched average London trends, as more people sought to invest in the capital. Volumes of sales were also formidable around this time; particularly for apartments. In 2004, 1,060 flats were sold. In 2006, this was even higher – with 1,520 apartments sold in this year alone. This high level of demand continued until 2008.

At this point, sales volumes and property prices dropped. This was due to the financial crisis – a global issue that impacted the UK’s housing market as a whole.

2008 – the year Holloway’s property market suffered

In 2008, the nation was hit by a financial crisis, and the resulting recession had major impact on the UK’s property market. At the time, Nationwide Building Society reported that prices fell across the country for fourteen consecutive months, and ended up 18% lower than they’d been at their peak in October 2007.

Lenders became increasingly wary of offering low-deposit mortgages, and this, combined with higher levels of unemployment, had a knock-on effect on volumes of sales. London, like everywhere else in the UK, was affected by this crisis; but generally, prices fell by less here than in other locations.

Holloway’s prices certainly took a dip. In 2008, the average house cost £660,111, and the average flat cost £307,649. A year later, these prices had dropped to £558,095 and £269,862 respectively. Thankfully, this decrease in value was short-lived, and prices rose again quickly afterwards.

Numbers of sales also dropped significantly. In 2009, just 673 apartments were sold, and 161 houses. This is a noticeable fall from two years previously; back in 2007, 1,354 flats had been sold, and 284 houses in total.

The years that followed the housing crisis

It didn’t take long for property prices to pick up again in Holloway, and its recovery was far speedier than other parts of the country. By 2010, house prices had climbed to £667,027; the highest they’d ever been. Apartment prices were also on the up, increasing to £321,710 in the same year.

This trend continued steadily for the next few years. Part of the reason was the regeneration work that was taking place in the area, which brought plenty of stylish new properties to the market. The new Help to Buy Scheme also helped, encouraging homebuyers to invest here. The removal of stamp duty for first-time buyers added a further incentive.

However, numbers of sales remained lower than they had been pre-2008. Although the housing crisis was becoming a distant memory, it had lasting impact – with mortgage lenders adopting a far more cautious approach. Likewise, homebuyers were more hesitant to move, due to lingering financial uncertainty.

2013 was the year when house and apartment prices started climbing swiftly again. Confidence had returned to the market, and investors were starting to notice Holloway’s appeal. By 2014, the average house cost £966,176 and the average apartment was £446,881 – these were both record-breaking prices at the time.

The referendum hits the UK – Holloway emerges relatively unscathed

By 2016, most of the UK had recovered well, with house prices rising in the majority of cities and towns. This was soon to change – thanks to the EU Referendum, and its resulting Brexit verdict. The announcement that the country was leaving the EU led to widespread political uncertainty, which impacted house sales and prices.

At the time, estate agents reported major drops in property values, and average prices in the capital fell by about 10 to 15% for a short period of time afterwards. By contrast, Holloway’s market proved resilient.

In 2016, the average price for a house was £1,143,615. The following year, this had risen to £1,262,553 – a staggering increase of over £100,000. Likewise, apartment values were going up, though not quite so dramatically. In 2016, an average flat in Holloway cost £499,234, and in 2017, this had grown to £506,316

The market wasn’t so resilient in terms of numbers of sales, though. In 2017, the number of properties sold was just 810 – the lowest volume for several years. These moderate levels of sales continued for a while.

A minor reduction, then an upwards trajectory

The UK’s market was relatively unstable for a few years after the referendum. With lack of clarity as to whether there would be a trade deal or not, homebuyers became increasingly wary, and this had an effect on average property prices and volumes of sales.

Holloway was no exception. Although house prices had risen in the year following the Brexit vote, this upward tick didn’t last forever. In 2018, values had fallen, though the average house still remained over the £1million mark, at £1,040,556. Average apartment prices only fell by a small amount – from £506,316 in 2017, to £485,976 the year after.

Sales volumes remained largely the same, and reflected the continued demand for apartments. This wasn’t surprising, given that Holloway was gaining a reputation as a trendy property hotspot – with amenities that appealed to young professionals and first-time buyers alike.

By 2019, figures show that the market was recovering well, with prices increasing again and numbers of sales growing slightly. At this point in time, no-one could have possibly predicted what lay in store for the country as a whole, and how hard it would hit the property market.

COVID-19 hits the country, and the property market grinds to a halt

In 2020, the coronavirus arrived in the UK. Rising numbers of cases and deaths meant that the country was put into lockdown, with all house viewings cancelled in a bid to reduce transmission.

This effectively brought the property market to a halt. With no viewings taking place, very few offers were coming in and no sales were being made. Holloway, like every other location in the country, felt the impact of this.

Volumes of sales fell enormously during this year, with only 157 apartments and 51 houses being sold. It’s unsurprising, as COVID also affected employment in the city, with many people either losing their jobs or being put into furlough. As a result, fewer buyers were willing to take on the financial commitment of a mortgage without the certainty of a regular salary behind them.

The stamp duty holiday (introduced by Chancellor Rishi Sunak in a bid to stimulate the market) helped somewhat, though its effect would have been limited, given that most properties on the market were above the threshold price (£500,000)

The lifting of tight lockdown restrictions in the summer meant house viewings could take place again, and average prices in Holloway rose again, increasing to an all-time high of £1,337,420. Clearly, buyers were becoming aware of the area’s amenities, transport links and attractive period properties, and were willing to pay more to secure a great property in a good area.

The stamp duty break is due to finish at the end of March, 2021. It remains to be seen whether this will have an effect on sales and property values here.

What will Holloway property prices be like in 2021?

At the time of writing, the UK is in its third lockdown. Although house viewings are permitted this time, the enforced restrictions have put a dampener on the market.

The good news is that a vaccination was discovered at the end of 2020, and as it stands at present, a quarter of the country’s population have already been vaccinated against the virus. Experts predict that this will retore confidence in the UK housing market, and encourage people to start purchasing property once more.

The country also has more political stability now, due to the Brexit deal finally being agreed. As a result, some industry officials believe we’ll experience a ‘Brexit bounce’ in 2021, with prices and numbers of sales both rising as a result. One thing looks increasingly probable; as COVID-19 becomes less of a threat, more people will want to search for a new property in this area.

Property prices are likely to continue rising in Holloway over the next year. As such, if you’re considering moving here, it makes sense to start your search as soon as possible, before they rise any higher. This offers you the chance to secure a home at a good price, and make money from capital growth when you sell it in the future.

What’s on the cards for Holloway’s property market over the next five years?

As it stands at the moment, the future looks good for London as a whole. It’s withstood the pressure of a financial crisis, political upheaval and a pandemic, and average property prices have continued to increase in most locations. This is certainly the case for Holloway.

Additionally, regeneration is set to continue here over the next few years, and this is only going to add to its appeal. Investors and homebuyers alike are keen to buy in upcoming areas, and Holloway has already established itself as a major investment hotspot.

Of course, it’s impossible to predict exactly what the future has in store, but based on the most recent price trends, it seems likely that this area’s popularity will persist. If you invest sooner rather than later, you’re likely to see your Holloway home increase in value as time goes on.

Do you want to buy a home in Holloway?

Holloway is an excellent place to call home. It’s got good transport links, an array of Victorian houses and stylish modern apartments, plus some excellent local shops, restaurants and pubs. Residents also enjoy its sense of community, and its proximity to The Emirates Stadium.

If you’re thinking of buying a property here, get in touch with the Stadium Residential team. We’ll help you to find the perfect home, regardless of whether you’re a first-time buyer or a family looking to upgrade your existing house.

To view our list of properties in Holloway, browse our website today.

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Start your search with Stadium Residential and we’ll help you find the perfect property to buy in Islington and the surrounding areas including Holloway, Highbury, Angel, Arsenal and more.