News

Barnet house prices dropped slightly in January

The average Barnet house price in January was £579,029 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
OOver the last year, the average sale price of property in Barnet fell by £17,000 – (Credit – Radar)

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

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 2.9% annual decline.

The average Barnet house price in January was £579,029, Land Registry figures show – a 0.1% decrease on December.

Over the month, the picture was different to that across London, where prices increased 2.5%, and Barnet was lower than the 0.5% rise 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 12th among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in Hackney, where property prices increased on average by 1.8%, to £598,000. At the other end of the scale, properties in City of London lost 22.6% of their value, giving an average price of £715,000.

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 £36,000 more than in January 2019.

By comparison, former owner-occupiers paid £672,000 on average in January – 41.3% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest fall in property prices in Barnet in January – they dropped 0.5% in price, to £814,128 on average. Over the last year, prices dropped by 4.3%.

Among other types of property:

  • Detached: down 0.4% monthly; down 5.9% annually; £1,384,708 average
  • Terraced: down 0.5% monthly; down 4% annually; £607,606 average
  • Flats: up 0.4% monthly; down 0.8% annually; £418,936 average

How do property prices in Barnet compare?

Buyers paid 11.8% more than the average price in London (£518,000) in January for a property in Barnet. Across London, property prices are high compared to those across the UK, where the average cost is £282,000.

The most expensive properties in London – and the UK – were in Kensington and Chelsea – £1.2 million on average, and 2.1 times the price as in Barnet. Kensington and Chelsea properties cost 3.7 times the price as homes in Barking and Dagenham (£322,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, at £1.2 million.

Factfile

Average property price in January

  • Barnet: £579,029
  • London: £517,726
  • UK: £281,913

Annual change to January

  • Barnet: -2.9%
  • London: -3.9%
  • UK: -0.6%

Highest and lowest annual growth in London

  • Hackney: +1.8%
  • City of London: -22.6%

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