The average Barnet house price in July was £592,597 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 rose by £4,800 – (Credit – Radar)

House prices increased slightly, by 0.1%, in Barnet in July, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 0.8% over the last year.

The average Barnet house price in July was £592,597. Land Registry figures show a 0.1% increase on June.

Over the month, the picture was similar to that across London, where prices decreased 0.3%, but Barnet was lower than the 0.6% rise for the UK as a whole.

Over the last year, the average sale price of property in Barnet rose by £4,800 – 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 Greenwich, where property prices increased on average by 6%, to £457,000. At the other end of the scale, properties in City of London lost 24.2% of their value, giving an average price of £767,000.

First steps on the property ladder

First-time buyers in Barnet spent an average of £485,300 on their property – £6,000 more than a year ago, and £57,700 more than in July 2019.

By comparison, former owner-occupiers paid £691,000 on average in July – 42.4% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Barnet in July – they increased 0.3%, to £425,333 on average. Over the last year, prices rose by 1.6%.

Among other types of property:

Detached: up 0.2% monthly; down 1.8% annually; £1,424,336 average
Semi-detached: down 0.3% monthly; up 0.2% annually; £835,231 average
Terraced: up 0.1% monthly; up 1.4% annually; £629,955 average

How do property prices in Barnet compare?

Buyers paid 13.8% more than the average price in London (£521,000) in July for a property in Barnet. Across London, property prices are high compared to those across the UK, where the average cost is £290,000.

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 3.4 times the price as homes in Barking and Dagenham (£341,000 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 July

Barnet: £592,597
London: £520,747
UK: £289,723

Annual change to July

Barnet: +0.8%
London: -0.4%
UK: +2.2%

Highest and lowest annual growth in London

Greenwich: +6%
City of London: -24.2%

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