The average Barnet house price in the year to November was £592,678 reports Clara Margotin, Data Reporter

Estate agent signs with the word 'Sold' most prominent — Across the UK, average house prices in November fell slightly on the month before, but have accelerated by 3.3% over the past year – (Credit – Radar)

House prices in Barnet increased slightly in November, new figures show.

Figures from the Office for National Statistics show the average Barnet house price in the year to November was £592,678 – a 0.5% increase on October.

The picture was different to that across London, where prices decreased by 1%.

The rise in Barnet contributes to the longer-term trend in the area, which has seen property prices in the area grow by 1.3% over the last year.

It means the area ranked 19th among London’s 33 local authorities for annual growth, with the average price in Barnet rising by £7,500 over the past year.

The highest annual growth in London was in Greenwich, where property prices increased on average by 8.3%.

At the other end of the scale, properties in City of London lost 22.3% of their value.

Across the UK, average house prices in November fell slightly on the month before, but have accelerated by 3.3% over the past year.

Separate figures from the ONS show the Consumer Prices Index (CPI) inflation fell to 2.5% in December, down from 2.6% the previous month.

David Hollingworth, associate director at L&C Mortgages, said: “The surprise dip in inflation is some positive news for borrowers who will have been unsettled by the recent unrest in the gilt markets and what it may mean for mortgage rates.

“Although there may still be increases to come in the months ahead, the fall in inflation will firm up the hopes that the Bank of England will cut the base rate in February.”

Mr Hollingworth said the market is unsure the Bank of England will cut rates as far and as quickly as had previously been expected, adding the uncertainty has “seen fixed rates edging higher before the end of the year, something that’s continued into the new year.

“This will have added an unwelcome dollop of uncertainty for borrowers that had been hoping for continued improvement in mortgage rates.

“The base rate is still expected to fall but the question is whether that drop will now be shallower and more gradual.

“Today’s figures will help to maintain some stability in mortgage rates but those borrowers coming to the end of their current deal are still likely to want to secure a new rate a few months ahead of time.

“That will allow them to dodge any further increases if fixed rates continue to rise but still gives them room to review if things take a turn for the better.”

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