The average Barnet house price in August was £598,661 reports Andrew Dowdeswell, 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 rose by £160 – (Credit – Radar)

House prices increased by 2.1% in Barnet in August, new figures show.

The rise maintains the longer-term trend, which has seen property prices in the area remain level.

The average Barnet house price in August was £598,661, Land Registry figures show – a 2.1% increase on July.

Over the month, the picture was different to that across London, where prices decreased 0.1%, and Barnet was above the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Barnet rose by £160 – putting the area 15th among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in Haringey, where property prices increased on average by 5.8%, to £630,000. At the other end of the scale, properties in Kensington and Chelsea lost 10.4% of their value, giving an average price of £1,359,000.

First steps on the property ladder

First-time buyers in Barnet spent an average of £486,800 on their property – £2,200 more than a year ago, and £42,600 more than in August 2018.

By comparison, former owner-occupiers paid £703,300 on average in August – 44.5% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Barnet in August – they increased 2.8%, to £1,502,852 on average. Over the last year, prices rose by 0.3%.

Among other types of property:Semi-detached: up 2.4% monthly; down 0.7% annually; £853,326 averageTerraced: up 2% monthly; down 1.4% annually; £636,419 averageFlats: up 1.7% monthly; up 1.1% annually; £423,709 average

How do property prices in Barnet compare?

Buyers paid 11.8% more than the average price in London (£536,000) in August for a property in Barnet. Across London, property prices are high compared to those across the UK, where the average cost is £291,000.

The most expensive properties in London were in Kensington and Chelsea – £1.4 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 (£349,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea (£1.4 million).

Factfile

Average property price in August

Barnet: £598,661
London: £535,597
UK: £291,044

Annual change to August

Barnet: 0%
London: -1.4%
UK: +0.2%

Highest and lowest annual growth in London

Haringey: +5.8%
Kensington and Chelsea: -10.4%

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