Barnet house prices increased more than London average in July

General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

House prices increased by 1.6% – more than the average for London – in Barnet in July, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 0.4% annual decline.

The average Barnet house price in July was £587,570, Land Registry figures show – a 1.6% increase on June.

Over the month, the picture was different to that across London, where prices increased 1.1%, and Barnet was above the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Barnet fell by £2,500 – putting the area 18th among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in City of London, where property prices increased on average by 5%, to £905,000. At the other end of the scale, properties in Kensington and Chelsea lost 10.8% of their value, giving an average price of £1,345,000.

First steps on the property ladder

First-time buyers in Barnet spent an average of £478,010 on their property – £180 less than a year ago, but £42,380 more than in July 2018.

By comparison, former owner-occupiers paid £689,840 on average in July – 44.3% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Barnet in July – they increased 1.9%, to £1,468,095 on average. Over the last year, prices dropped by 0.8%.

Among other types of property:

Semi-detached:

Terraced:

Flats:

How do property prices in Barnet compare?

Buyers paid 10% more than the average price in London (£534,000) in July for a property in Barnet. Across London, property prices are high compared to those across the UK, where the average cost is £290,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 2.3 times the price as in Barnet. Kensington and Chelsea properties cost 3.9 times the price as homes in Barking and Dagenham (£343,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in July

Barnet: £587,570
London:£534,265
UK: £289,824

Annual change to July

Barnet: -0.4%
London: -0.8%
UK: +0.6%

Highest and lowest annual growth in London

City of London: +5%
Kensington and Chelsea: -10.8%