Property prices in the area have grown by 3.9% over the last year reports Joseph Hook, Data Reporter

The average Barnet house price in December was £595,486 (Credit – Radar)

House prices increased by 1.3% in Barnet in December, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 3.9% over the last year.

The average Barnet house price in December was £595,486, Land Registry figures show – a 1.3% increase on November.

Over the month, the picture was different to that across London, where prices remained static, and Barnet was above the 0.4% drop for the UK as a whole.

Over the last year, the average sale price of property in Barnet rose by £22,000 – putting the area 25th 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 20.8%, to £968,000. At the other end of the scale, properties in Westminster lost 13.4% of their value, giving an average price of £910,000.

The average UK house price was £294,000 in December 2022, which was £26,000 higher than 12 months earlier.

It meant prices increased by 9.8% annually in December, slowing from 10.6% annual growth in November, according to the Office for National Statistics.

First steps on the property ladder

First-time buyers in Barnet spent an average of £486,000 on their property – £21,000 more than a year ago, and £36,000 more than in December 2017.

By comparison, former owner-occupiers paid £697,000 on average in December – 43.4% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Barnet in December – they increased 1.8%, to £421,448 on average. Over the last year, prices rose by 3.7%.

Among other types of property:

Detached: up 0.9% monthly; up 2.5% annually; £1,478,709 average
Semi-detached: up 0.9% monthly; up 3.7% annually; £848,148 average
Terraced: up 0.8% monthly; up 5.3% annually; £637,040 average

How do property prices in Barnet compare?

Buyers paid 9.6% more than the average price in London (£543,000) in December for a property in Barnet. Across London, property prices are higher than those across the UK, where the average cost £294,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 2.1 times as much as more than in Barnet. Kensington and Chelsea properties cost 3.5 times as much as homes in Barking and Dagenham (£362,000 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 December

Barnet: £595,486
London: £543,099
UK: £294,329

Annual growth to December

Barnet: +3.9%
London: +6.7%
UK: +9.8%

Highest and lowest annual growth in London

City of London: +20.8%
Westminster: -13.4%

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