The rise in Barnet does not reverse the longer-term trend which has seen property prices in the area suffer a 4.7% annual decline reports Adam Care, Data Reporter
The average UK house price increased by 2.8% in the 12 months to July – (Credit – Radar)
House prices in Barnet increased in July, new figures show.
Figures from the Office for National Statistics show the average Barnet house price in the year to July was £598,188 – a 2.2% increase on June.
The picture was different to that across London, where prices decreased by 0.5%.
The rise in Barnet does not reverse the longer-term trend in the area, which has seen property prices in the area suffer a 4.7% annual decline.
It means the area ranked 30th among London’s 33 local authorities for annual growth, with the average price in Barnet falling by £29,000 over the past year.
The highest annual growth in London was in Bromley, where property prices increased on average by 8.4%.
At the other end of the scale, properties in Wandsworth lost 6.4% of their value.
The average UK house price increased by 2.8% in the 12 months to July, slowing from 3.6% in the year to June, the Office for National Statistics said.
Richard Donnell, executive director at Zoopla, said: “Rents and house prices are slowing across the UK as housing demand cools and affordability pressures bite on what people can pay for rent and mortgages.
“This has big implications for home building where weaker demand is holding back investment in growing supply.”
David Hollingworth, associate director at L&C Mortgages said: “Mortgage borrowers may well be steeling themselves for another helping of cautious tone and the message that base rate won’t fall until a sustainable path for inflation is clear.
“It’s anticipated that inflation could nudge higher before it eases, so borrowers will have to wait for signs of improvement before they can hope for another interest rate cut.
“Mortgage rates have edged up in recent weeks, as the rate outlook of ‘higher for longer’ has taken its toll on lenders’ funding. Although that hasn’t sent rates sky high, it’s certainly forcing borrowers to make quicker decisions and act quickly to secure a deal.”
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