The average Barnet house price in the year to October was £606,006 reports Adam Care, Data Reporter
The latest house price drop in Barnet contributes to the longer-term trend in the area- (Credit – Radar)
House prices in Barnet dropped slightly in October, new figures show.
Figures from the Office for National Statistics show the average Barnet house price in the year to October was £606,006 – a 0.5% decrease on September.
The picture was different to that across London, where prices decreased by 1.9%.
The drop in Barnet contributes to the longer-term trend in the area, which has seen property prices in the area suffer a 3.5% annual decline.
It means the area ranked 22nd among London’s 33 local authorities for annual growth, with the average price in Barnet falling by £22,000 over the past year.
The highest annual growth in London was in Havering, where property prices increased on average by 5.3%.
At the other end of the scale, properties in City of London lost 18.1% of their value.
Across the UK, the average house price in October was £270,000, the ONS said.
The figures were released as the rate of Consumer Prices Index (CPI) inflation slowed to 3.2% in November, from 3.6% in October.
It is the lowest CPI rate since March and a bigger slowdown in inflation than many economists had been expecting.
Amy Reynolds, head of sales at London-based estate agency Antony Roberts, said: “In London, where affordability and sentiment are highly rate-sensitive, even small shifts in expectations can have an outsized impact on activity.”
Sarah Coles, head of personal finance at Hargreaves Lansdown, said: “When house prices fall it affects wannabe downsizers who are relying on the equity in the home to supplement their retirement income. It also dents the confidence of homeowners, who feel less well off, and may hold back on spending as a result.
“Given how sluggish economic growth is right now, this could spell more bad news for the economy.
“The only people likely to be celebrating are those moving up the property ladder and first-time buyers.”
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