Homes in Holloway set to soar post-prison closure
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Tired of leafy Hertfordshire suburbia? Maybe it’s time to try north London for size, by nabbing yourself a home in Holloway.
No, not the prison. In fact, since the announcement of the prison closure, which will occur this summer, Holloway is predicted to become even more attractive as an alternative to other parts of the capital.
Those priced out of Islington and Highgate, especially young couples and families, are expected to make their home in this up and coming area of London.
The prison site, which spans 10 acres, could be worth £200m and provide up to 5,000 homes. According to housing experts, this means Holloway will increase its potential.
Away from the bustling main road, the streets are made up of fine Victorian houses. It stretches out on either side of Holloway Road, the Great North Road or the A1, near to the Highbury and Islington roundabout and stops two miles north close to Archway.
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Just four miles from central London, there’s Highgate to the north, Stoke Newington to the east, with Islington to the south and Tufnell Park west.
The existing properties are mainly large three or four-storey Victorian houses, many of which have been converted into flats, and social housing estates.
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But 2,000 new homes were built in the last decade, as part of the Arsenal Football Stadium redevelopment. This involved building 650 flats and 1,000 affordable homes, which notably are mostly around Hornsey Street. And a Barratt Homes development of 300 properties is located opposite the new stadium.
Yet only smaller developments are on the market currently, including 44 new-build two-bed flats in Tufnell Park. They are available now, ready to move into and cost from £425k.
There are also 12 new-build two and three-bed flats, from £585,000, on the corner of Holloway Road and Fortnam Road, which are on sale now and will be ready to move into next summer.
Estate agents in Holloway say nine out of 10 tenants are young professionals and the rest of those renting are students. Rents there are 20 percent cheaper than Islington but you’re still only a walk away from the attractions of Upper Street.
With enviable transport links, two conservation areas and Band D council tax for 2016/2017 at £1,296.15, getting a bed in Holloway has arguably never seemed more promising.