House prices rise two per cent in Barnet
House prices in Barnet have risen by two per cent in the last month.
The borough’s average asking price for June is £567,185, an increase of £11,273 over the previous month, according to property website, Rightmove.
Barnet remains high above the national average asking price which sits at £246,235 for June, an increase of £2,476 over the previous month.
Miles Shipside, director at Rightmove said in a statement: “These strong rises in the south of the country have helped to push the national average asking price into new record territory.
“In these uncertain economic times, lenders feel safer to lend to those with a cash-cushion, and those sitting on that cash often feel more comfortable with it invested in tangible assets, including bricks and mortar.
“The better properties in the better areas remain in short supply, giving sellers of sought-after stock, and their agents, the confidence to come to market at a higher price.”
Neighbouring boroughs Enfield and Harrow have seen a steadier increase. The average Enfield asking price has jumped up by £6,170 to £342,189, and Harrow house prices have gone up by one per cent to £341,172.
But Haringey has seen an even bigger increase than Barnet, with prices soaring 2.4 per cent – an extra £13,061 this month.
Despite the rise nationally, Rightmove says property prices have fallen considerably when compared to the Retail Price Index inflation since August 2007, the month before Northern Rock signalled the financial crisis had arrived in Britain.
The report states: “In spite of sellers’ current record price aspirations, in real terms they are still an average of 13 per cent lower.
“London is the only region where there has been an inflation-busting increase over the same five year timescale, with asking prices three per cent ahead of the national Retail Price Index.”