Barnet house prices fell more than the London average in April

The average Barnet house price in April was £573,010, reports Marieta Marinova, Data Reporter

House prices fell by 1.6% – more than the London average – in Barnet in April, new figures show.

The drop adds to a long-term trend that has seen property prices in the area suffer an annual decline of 3.4%.

The average Barnet house price in April was £573,010. Land registry figures show a 1.6% drop in March.

Over the month, the picture differed from that in London, where prices fell by 0.2% and Barnet was lower than the 0.3% increase for the UK as a whole.

Over the past year, the average sale price of a property in Barnet has fallen by £20,000 – putting the area 20th out of the 33 London local authorities with price data for annual growth.

The biggest annual increase in the region was in Hackney, where property prices rose by an average of 3.5% to £611,000. At the other end of the scale, properties in Kensington and Chelsea lost 17.6% in value, giving an average price of £1,110,000.

First steps on the property ladder

First time buyers in Barnet they spent an average of £470,000 on their property – £13,000 less than a year ago, but £43,000 more than in April 2019.

By comparison, former owner-occupiers paid an average of £667,000 in April – 41.8% more than first-time buyers.

Types of property

The owners of detached houses saw the biggest drop in property prices in Barnet in April – prices fell by 2.4% to £1,358,500 on average. Over the past year, prices have fallen by 7.3%.

Among other types of property:Semi detached: decrease by 1.7% monthly; decrease by 4.1% annually; £808,267 on averageTerraces: decrease by 1.9% monthly; decrease by 2.9% annually; £606,143 on averageApartments: decrease by 1.2% monthly; decrease by 2.1% annually; £413,272 on average

How do property prices compare in Barnet?

Buyers paid 14.2% more than the London median price (£502,000) in April for a property in Barnet. Property prices in London are high compared to the UK, where the average cost is £281,000.

The most expensive properties in London were in Kensington and Chelsea – £1.1 million on average and 1.9 times the price of Barnet. Kensington and Chelsea properties cost 3.3 times more than houses in Barking and Dagenham (£333,000 on average) at the other end of the scale.

The highest property prices in the UK were in Kensington and Chelsea.

Information file

Average property price in April

• Barnet: £573,010
• London: £501,880
• UK: £281,373

Annual change by April

• Barnet: -3.4%
• London: -3.9%
• Great Britain: +1.1%

London’s highest and lowest annual growth

• Hackney: +3.5%
• Kensington and Chelsea: -17.6%

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