The average Barnet house price in September was £609,628 – a 1.2% decrease on August reports Adam Care, Data Reporter

Estate agent signs with the word 'Sold' most prominent — The average UK house prices increased by 2.6% in the 12 months to September, slowing from 3.1% growth in the year to August – (Credit – Radar)

House prices in Barnet dropped in September, falling more than the average across London, new figures show.

Figures from the Office for National Statistics show the average Barnet house price in the year to September was £609,628 – a 1.2% decrease on August.

It was below the average across London, where prices decreased by 1.1%.

The drop in Barnet contributes to the longer-term trend in the area, which has seen property prices in the area suffer a 2.7% annual decline.

It means the area ranked 24th among London’s 33 local authorities for annual growth, with the average price in Barnet falling by £17,000 over the past year.

The highest annual growth in London was in Barking and Dagenham, where property prices increased on average by 6.1%.

At the other end of the scale, properties in City of London lost 15% of their value.

The average UK house prices increased by 2.6% in the 12 months to September, slowing from 3.1% growth in the year to August.

ONS head of housing market indices Aimee North said: “UK annual house price inflation slowed in September with the average UK house price now around £272,000.

“The Yorkshire and the Humber was the English region with the highest house price inflation while the regions with the lowest annual inflation are in the south of England. London is the only region showing an annual fall again.”

The house and rental price figures were released as the ONS also said that Consumer Prices Index inflation slowed to 3.6% in October, from 3.8% in September. Some commentators suggested this could pave the way for a Bank of England base rate cut soon, easing costs for some mortgage borrowers.

Sarah Coles, head of personal finance, Hargreaves Lansdown, said the below-CPI inflation increase in house price rises is “difficult news for homeowners, especially those who plan to downsize and cash in on as much property equity as possible”.

She added: “However, it’s a real positive for first-time buyers. If they have a competitive savings account, it will be outstripping house price inflation, making it easier for them to build a deposit.”

David Hollingworth, associate director at L&C Mortgages, said: “Today’s figures are unlikely to dampen hopes of a base rate cut in December, despite remaining well above the Bank of England’s inflation target.”

He added: “The growing belief of a cut coming sooner than previously anticipated has already seen mortgage rates improving. Mortgage lenders have been quick to pass on the improved cost of funds and there’s been successive rounds of fixed rate cuts by most major lenders.”

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