The average Barnet house price in February was £583,647 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 fell by £22,000 – (Credit – Radar)

House prices increased slightly, by 0.4%, in Barnet in February, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 3.6% annual decline.

The average Barnet house price in February was £583,647, Land Registry figures show – a 0.4% increase on January.

Over the month, the picture was different to that across London, where prices decreased 0.7%.

Over the last year, the average sale price of property in Barnet fell by £22,000 – putting the area 18th 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 1.3%, to £590,000. At the other end of the scale, properties in Westminster lost 20.5% of their value, giving an average price of £928,000.

First steps on the property ladder

First-time buyers in Barnet spent an average of £479,000 on their property – £14,000 less than a year ago, but £43,000 more than in February 2019.

By comparison, former owner-occupiers paid £678,000 on average in February – 41.6% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Barnet in February – they increased 1%, to £421,380 on average. Over the last year, prices dropped by 1.8%.

Among other types of property:

Detached: down 0.8% monthly; down 7.3% annually; £1,381,457 average
Semi-detached: up 0% monthly; down 4.6% annually; £823,568 average
Terraced: up 0.5% monthly; down 4% annually; £615,975 average

How do property prices in Barnet compare?

Buyers paid 16.1% more than the average price in London (£503,000) in February for a property in Barnet. Across London, property prices are high compared to those across the UK, where the average cost is £281,000.

The most expensive properties in London were in Kensington and Chelsea – £1.2 million on average, and twice the price as in Barnet. Kensington and Chelsea properties cost 3.5 times the price as homes in Barking and Dagenham (£328,000 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 February

Barnet: £583,647
London: £502,690
UK: £280,660

Annual change to February

Barnet: -3.6%
London: -4.8%
UK: -0.2%

Highest and lowest annual growth in London

Hackney: +1.3%
Westminster: -20.5%

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