The average Barnet house price in June was £574,285 – a 0.1% decrease on May reports Will Grimond, 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 £15,000 – (Credit – Radar)

House prices dropped slightly, by 0.1%, in Barnet in June, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 2.6% annual decline.

The average Barnet house price in June was £574,285, Land Registry figures show – a 0.1% decrease on May.

Over the month, the picture was different to that across London, where prices increased 0.5%, and Barnet was lower than the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in Barnet fell by £15,000 – putting the area 32nd 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 22.5%, to £1 million. At the other end of the scale, properties in Kensington and Chelsea lost 11.2% of their value, giving an average price of £1.3 million.

First steps on the property ladder

First-time buyers in Barnet spent an average of £467,900 on their property – £9,900 less than a year ago, but £30,800 more than in June 2018.

By comparison, former owner-occupiers paid £673,200 on average in June – 43.9% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in Barnet in June – they dropped 0.8% in price, to £1,424,936 on average. Over the last year, prices dropped by 4.2%.

Among other types of property: Semi-detached: down 0.3% monthly; down 3.3% annually; £816,851 average Terraced: up 0.1% monthly; down 3.6% annually; £609,212 average Flats: down 0% monthly; down 1.3% annually; £408,524 average

How do property prices in Barnet compare?

Buyers paid 8.8% more than the average price in London (£528,000) in June for a property in Barnet. Across London, property prices are high compared to those across the UK, where the average cost is £288,000.

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 (£347,000 average), at the other end of the scale.

Kensington and Chelsea also had the highest property prices of anywhere in the UK.

Factfile

Average property price in June

Barnet: £574,285
London: £527,979
UK: £287,546

Annual change to June

Barnet: -2.6%
London: -0.6%
UK: +1.7%

Highest and lowest annual growth in London

City of London: +22.5%
Kensington and Chelsea: -11.2%

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