The average Barnet house price in March was £598,272 – a 1.7% decrease on February reports Sonja Tutty, Data Reporter

Estate agent 'For Sale' signs as house prices drop slightly in Barnet during March

House prices dropped by 1.7% in Barnet in March, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 4.3% over the last year.

The average Barnet house price in March was £598,272, Land Registry figures show – a 1.7% decrease on February.

Over the month, the picture was similar to that across London, where prices decreased 1.7%, and Barnet was lower than the 1.2% drop for the UK as a whole.

Over the last year, the average sale price of property in Barnet rose by £25,000 – putting the area 12th among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in Tower Hamlets, where property prices increased on average by 11%, to £510,000. At the other end of the scale, properties in Westminster lost 17.4% of their value, giving an average price of £876,000.

First steps on the property ladder

First-time buyers in Barnet spent an average of £488,000 on their property – £22,000 more than a year ago, and £38,000 more than in March 2018.

By comparison, former owner-occupiers paid £701,000 on average in March – 43.8% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices Barnet in March – they dropped 2.5% in price, to £632,439 on average. But over the last year, prices rose by 4%.

Among other types of property:

Detached: down 1.7% monthly; up 3.4% annually; £1,487,526 average
Semi-detached: down 1.8% monthly; up 4.2% annually; £853,639 average
Flats: down 1.4% monthly; up 4.8% annually; £425,160 average

How do property prices in Barnet compare?

Buyers paid 14.3% more than the average price in London (£523,000) in March for a property in Barnet. Across London, property prices are higher than those across the UK, where the average cost £285,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 2.2 times as much as more than in Barnet. Kensington and Chelsea properties cost 3.8 times as much as homes in Barking and Dagenham (£347,000 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 March

Barnet: £598,272
London: £523,325
UK: £285,009

Annual growth to March

Barnet: +4.3%
London: +1.5%
UK: +4.1%

Highest and lowest annual growth in London

Tower Hamlets: +11%
Westminster: -17.4%

No news is bad news

Independent news outlets like ours – reporting for the community without rich backers – are under threat of closure, turning British towns into news deserts.

The audiences they serve know less, understand less, and can do less.

If our coverage has helped you understand our community a little bit better, please consider supporting us with a monthly, yearly or one-off donation.

Choose the news. Don’t lose the news.

Monthly direct debit

Annual direct debit

£5 per month supporters get a digital copy of each month’s paper before anyone else, £10 per month supporters get a digital copy of each month’s paper before anyone else and a print copy posted to them each month. £50 annual supporters get a digital copy of each month's paper before anyone else. £84 annual supporters get a print copy by post and a digital copy of each month's before anyone else.