The average Barnet house price in May was £579,798 – a 1.1% decrease on April reports Sonja Tutty, Data Reporter

A collage of housing sale signs, with two reading "For Sale" in the foreground and one reading "Sold" in the background — Over the last year, the average sale price of property in Barnet fell by £2,800 – putting the area 29th among London’s 33 local authorities with price data for annual growth – (Credit – Radar)

House prices dropped by 1.1% in Barnet in May, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 0.5% annual decline.

The average Barnet house price in May was £579,798, Land Registry figures show – a 1.1% decrease on April.

Over the month, the picture was similar to that across London, where prices decreased 1.2%, but Barnet was lower than the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in Barnet fell by £2,800 – putting the area 29th 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 24.1%, to £988,000. At the other end of the scale, properties in Kensington and Chelsea lost 13.4% of their value, giving an average price of £1,314,000.

First steps on the property ladder

First-time buyers in Barnet spent an average of £472,410 on their property – £340 more than a year ago, and £27,900 more than in May 2018.

By comparison, former owner-occupiers paid £679,490 on average in May – 43.8% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest fall in property prices in Barnet in May – they dropped 1.5% in price, to £822,562 on average. Over the last year, prices dropped by 1.6%.

Among other types of property:

Detached: down 0.8% monthly; down 1.7% annually; £1,448,898 average
Terraced: down 1.1% monthly; down 1.4% annually; £613,483 average
Flats: down 0.9% monthly; up 1% annually; £412,877 average

How do property prices in Barnet compare?

Buyers paid 10.3% more than the average price in London (£526,000) in May for a property in Barnet. Across London, property prices are high compared to those across the UK, where the average cost is £286,000.

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 3.7 times the price as homes in Barking and Dagenham (£356,000 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 May

Barnet: £579,798
London: £525,629
UK: £285,861

Annual change to May

Barnet: -0.5%
London: +0.8%
UK: +1.9%

Highest and lowest annual growth in London

City of London: +24.1%
Kensington and Chelsea: -13.4%

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