The average Barnet house price in the year to September was £596,165 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 the UK, average house prices in September fell slightly on the month before – (Credit – Radar)

House prices in Barnet dropped slightly in September, new figures show.

Figures from the Office for National Statistics show the average Barnet house price in the year to September was £596,165 – a 0.6% decrease on August.

The picture was similar to that across London, where prices decreased by 0.8%.

The drop in Barnet does not reverse the longer-term trend in the area, which has seen property prices in the area grow by 1.6% over the last year.

It means the area ranked 17th among London’s 33 local authorities for annual growth, with the average price in Barnet rising by £9,200 over the past year.

The highest annual growth in London was in Greenwich, where property prices increased on average by 5.4%.

At the other end of the scale, properties in City of London lost 20.9% of their value.

Across the UK, average house prices in September fell slightly on the month before, but have accelerated by 2.9% over the past year.

Separate figures from the ONS show the Consumer Prices Index (CPI) inflation jumped to 2.3% in October, up from 1.7% the previous month.

David Hollingworth, associate director at L&C Mortgages, said the jump in inflation could “bring further headaches for mortgage borrowers”.

He said inflation lifting above the Bank of England’s 2% target is “not a shock”, but added it is higher than many had expected.

He said fixed rate mortgages have climbed in recent weeks, adding: “Those increases are due to the less optimistic forecast for interest rates and today’s figures will do nothing to change that.

“Although still expected to fall, the growing expectation has been for rates to fall more slowly and not as far as previously anticipated.”

Alice Haine, a personal finance analyst at Bestinvest by Evelyn Partners, said: “Homeowners and first-time buyers are likely to be disheartened by the latest inflation reading, as it reduces the likelihood of a third rate cut this year.

“The average cost of a new fixed rate mortgage has been creeping up since the Budget, as lenders price their products to reflect expectations that interest rates may stay higher for longer.”

She added the rise in inflation means mortgage borrowers could have “more pain to contend with” if more lenders adjust their rates upwards.

No news is bad news

Independent news outlets like ours – reporting for the community without rich backers – are under threat of closure, turning British towns into news deserts.

The audiences they serve know less, understand less, and can do less.

If our coverage has helped you understand our community a little bit better, please consider supporting us with a monthly, yearly or one-off donation.

Choose the news. Don’t lose the news.

Monthly direct debit

Annual direct debit

£5 per month supporters get a digital copy of each month’s paper before anyone else, £10 per month supporters get a digital copy of each month’s paper before anyone else and a print copy posted to them each month. £50 annual supporters get a digital copy of each month's paper before anyone else. £84 annual supporters get a print copy by post and a digital copy of each month's before anyone else.