The average Barnet house price in October was £597,538, Land Registry figures show – a 1.4% increase on September report 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 — The highest annual growth in the region was in Richmond, where property prices increased on average by 5.4%, to £806,000 – (Credit – Radar)

House prices increased by 1.4% in Barnet in October, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 0.6% annual decline.

The average Barnet house price in October was £597,538, Land Registry figures show – a 1.4% increase on September.

Over the month, the picture was different to that across London, where prices decreased 3.1%, and Barnet was above the 0.7% drop for the UK as a whole.

Over the last year, the average sale price of property in Barnet fell by £3,700 – putting the area 10th among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in Richmond, where property prices increased on average by 5.4%, to £806,000. At the other end of the scale, properties in Hammersmith and Fulham lost 9.9% of their value, giving an average price of £716,000.

First steps on the property ladder

First-time buyers in Barnet spent an average of £485,000 on their property – £1,800 less than a year ago, but £38,100 more than in October 2018.

By comparison, former owner-occupiers paid £703,200 on average in October – 45% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Barnet in October – they increased 1.7%, to £859,260 on average. Over the last year, prices dropped by 0.6%.

Among other types of property:

Detached: up 0.8% monthly; down 1.4% annually; £1,484,818 average
Terraced: up 1% monthly; down 1.6% annually; £639,460 average
Flats: up 1.4% monthly; up 0% annually; £420,246 average

How do property prices in Barnet compare?

Buyers paid 15.9% more than the average price in London (£516,000) in October 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 – and the UK – were in Kensington and Chelsea – £1.4 million on average, and 2.3 times the price as in Barnet. Kensington and Chelsea properties cost four times the price as homes in Barking and Dagenham (£334,000 average), at the other end of the scale.

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

Factfile

Average property price in October

Barnet: £597,538
London: £515,504
UK: £287,782

Annual change to October

Barnet: -0.6%
London: -3.6%
UK: -1.2%

Highest and lowest annual growth in London

Richmond: +5.4%
Hammersmith and Fulham: -9.9%

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