The average Barnet house price in September was £584,740 – a 2.2% decrease on August 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 £17,000 – (Credit – Radar)

House prices dropped by 2.2% – more than the average for London – in Barnet in September, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 2.8% annual decline.

The average Barnet house price in September was £584,740, Land Registry figures show – a 2.2% decrease on August.

Over the month, the picture was different to that across London, where prices decreased 0.3%, and Barnet was lower than the 0.5% drop for the UK as a whole.

Over the last year, the average sale price of property in Barnet fell by £17,000 – putting the area 28th 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 6.4%, to £509,000. At the other end of the scale, properties in Kensington and Chelsea lost 20.6% of their value, giving an average price of £1,203,000.

First steps on the property ladder

First-time buyers in Barnet spent an average of £476,000 on their property – £10,000 less than a year ago, but £31,000 more than in September 2018.

By comparison, former owner-occupiers paid £685,000 on average in September – 43.8% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in Barnet in September – they dropped 2.7% in price, to £1,460,818 on average. Over the last year, prices dropped by 3%.

Among other types of property:Semi-detached: down 2.6% monthly; down 4.2% annually; £828,127 averageTerraced: down 2% monthly; down 4% annually; £623,763 averageFlats: down 1.8% monthly; down 1.2% annually; £415,394 average

How do property prices in Barnet compare?

Buyers paid 8.8% more than the average price in London (£537,000) in September 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 – £1.2 million on average, and 2.1 times the price as in Barnet. Kensington and Chelsea properties cost 3.5 times the price as homes in Barking and Dagenham (£346,000 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 September

Barnet: £584,740
London: £537,424
UK: £291,385

Annual change to September

Barnet: -2.8%
London: -1.1%
UK: -0.1%

Highest and lowest annual growth in London

Tower Hamlets: +6.4%
Kensington and Chelsea: -20.6%

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