The average Barnet house price in December was £577,548 – a 0.8% decrease on November reports Marieta Marinova, 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 £16,000 – (Credit – Radar)

House prices dropped slightly, by 0.8%, in Barnet in December, 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 December was £577,548, Land Registry figures show – a 0.8% decrease on November.

Over the month, the picture was different to that across London, where prices remained static, and Barnet was lower than the 0.1% rise for the UK as a whole.

Over the last year, the average sale price of property in Barnet fell by £16,000 – putting the area 12th 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 3%, to £758,000. At the other end of the scale, properties in City of London lost 17.8% of their value, giving an average price of £802,000.

First steps on the property ladder

First-time buyers in Barnet spent an average of £471,800 on their property – £9,300 less than a year ago, but £28,200 more than in December 2018.

By comparison, former owner-occupiers paid £674,800 on average in December – 43% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in Barnet in December – they dropped 3.1% in price, to £1,390,942 on average. Over the last year, prices dropped by 6.1%.

Among other types of property:Semi-detached: down 1.3% monthly; down 3.4% annually; £823,552 averageTerraced: down 1.2% monthly; down 3.4% annually; £617,783 averageFlats: up 0.2% monthly; down 0.9% annually; £411,521 average

How do property prices in Barnet compare?

Buyers paid 13.7% more than the average price in London (£508,000) in December for a property in Barnet. Across London, property prices are high compared to those across the UK, where the average cost is £285,000.

The most expensive properties in London were in Kensington and Chelsea – £1.1 million on average, and 1.9 times the price as in Barnet. Kensington and Chelsea properties cost 3.3 times the price as homes in Barking and Dagenham (£340,000 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 December

Barnet: £577,548
London: £508,037
UK: £284,691

Annual change to December

Barnet: -2.6%
London: -4.8%
UK: -1.4%

Highest and lowest annual growth in London

Richmond: +3%
City of London: -17.8%

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