The average Barnet house price in June was £585,639 – a 1.7% increase on May reports Will Grimond, Data Reporter
House prices increased by 1.7% – more than the average for London – in Barnet in June, new figures show.
But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 0.6% annual decline.
The average Barnet house price in June was £585,639, Land Registry figures show – a 1.7% increase on May.
Over the month, the picture was different to that across London, where prices increased 1.2%, and Barnet was above the 0.5% rise for the UK as a whole.
Over the last year, the average sale price of property in Barnet fell by £3,800 – 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 Bexley, where property prices increased on average by 5.1%, to £415,000. At the other end of the scale, properties in Westminster lost 22% of their value, giving an average price of £954,000.
First steps on the property ladder
First-time buyers in Barnet spent an average of £479,800 on their property – £1,500 less than a year ago, but £53,400 more than in June 2019.
By comparison, former owner-occupiers paid £682,500 on average in June – 42.3% more than first-time buyers.
Property types
Owners of terraced houses saw the biggest rise in property prices in Barnet in June – they increased 2.1%, to £621,420 on average. Over the last year, prices rose by 0%.
Among other types of property:
- Detached: up 1% monthly; down 3.8% annually; £1,398,705 average
- Semi-detached: up 1.5% monthly; down 0.6% annually; £826,980 average
- Flats: up 2% monthly; down 0.2% annually; £420,740 average
How do property prices in Barnet compare?
Buyers paid 11.9% more than the average price in London (£523,000) in June for a property in Barnet. Across London, property prices are high compared to those across the UK, where the average cost is £288,000.
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 3.5 times the price as homes in Barking and Dagenham (£340,000 average), at the other end of the scale.
The highest property prices across the UK were in (insert LA with highest house price).
Factfile
Average property price in June
- Barnet: £585,639
- London: £523,134
- UK: £287,924
Annual change to June
- Barnet: -0.6%
- London: +0.6%
- UK: +2.7%
Highest and lowest annual growth in London
- Bexley: +5.1%
- Westminster: -22%
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