The average Barnet house price in May was £583,534 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 — Across London, prices increased by 3.9% – (Credit – Radar)

House prices increased by 1.8% in Barnet in May, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 0.7% annual decline.

The average Barnet house price in May was £583,534. Land Registry figures show a 1.8% increase on April.

Over the month, the picture was different to that across London, where prices increased 3.9%, but Barnet was above the 1.2% rise for the UK as a whole.

Over the last year, the average sale price of property in Barnet fell by £4,300 – 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 Merton, where property prices increased on average by 4.9%, to £588,000. At the other end of the scale, properties in Westminster lost 22.7% of their value, giving an average price of £933,000.

First steps on the property ladder

First-time buyers in Barnet spent an average of £476,900 on their property – £3,200 less than a year ago, but £57,300 more than in May 2019.

By comparison, former owner-occupiers paid £681,700 on average in May – 42.9% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Barnet in May – they increased 2.3%, to £1,404,650 on average. Over the last year, prices dropped by 3%.

Among other types of property:

Semi-detached: up 1.8% monthly; down 0.7% annually; £826,501 average

Terraced: up 1.8% monthly; down 0% annually; £617,127 average

Flats: up 1.6% monthly; down 0.5% annually; £418,279 average

How do property prices in Barnet compare?

Buyers paid 11.5% more than the average price in London (£523,000) in May 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 – £1.2 million on average, and 2.1 times the price as in Barnet. Kensington and Chelsea properties cost 3.6 times the price as homes in Barking and Dagenham (£338,000 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 May

Barnet: £583,534
London: £523,376
UK: £285,201

Annual change to May

Barnet: -0.7%
London: +0.2%
UK: +2.2%

Highest and lowest annual growth in London

Merton: +4.9%
Westminster: -22.7%

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