The average Barnet house price in March was £591,449 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 £10,000 – (Credit – Radar)

House prices increased by 2.8% in Barnet in March, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 1.7% annual decline.

The average Barnet house price in March was £591,449. Land Registry figures show a 2.8% increase on February.

Over the month, the picture was different to that across London, where prices decreased 0.9%, and Barnet was above the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in Barnet fell by £10,000 – putting the area 13th among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in Greenwich, where property prices increased on average by 2.4%, to £462,000. At the other end of the scale, properties in City of London lost 22.2% of their value, giving an average price of £677,000.

First steps on the property ladder

First-time buyers in Barnet spent an average of £486,800 on their property – £3,100 less than a year ago, but £56,800 more than in March 2019.

By comparison, former owner-occupiers paid £685,700 on average in March – 40.9% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Barnet in March – they increased 3.9%, to £429,670 on average. Over the last year, prices rose by 0.6%.

Among other types of property:

Detached: up 2% monthly; down 5.7% annually; £1,402,605 average
Semi-detached: up 1.7% monthly; down 3.5% annually; £827,590 average
Terraced: up 2.3% monthly; down 1.8% annually; £622,612 average

How do property prices in Barnet compare?

Buyers paid 18.4% more than the average price in London (£500,000) in March for a property in Barnet. Across London, property prices are high compared to those across the UK, where the average cost is £283,000.

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 3.8 times the price as homes in Barking and Dagenham (£315,000 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 March

Barnet: £591,449
London: £499,663
UK: £282,776

Annual change to March

Barnet: -1.7%
London: -3.4%
UK: +1.8%

Highest and lowest annual growth in London

Greenwich: +2.4%
City of London: -22.2%

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