Of course, with popularity tends to come high demand and that in turn is reflected by rising house prices. Some sources have reported that house prices in Barnet rose by over 7% during the course of 2013. If this sounds horrific, in practice it is fairly much in-line with increases across many parts of London and is actually below the average for London as a whole.
Considering England and Wales in totality, at December 2013 according to the Office for National Statistics (ONS) house prices were seen to have increased by less than those in Barnet’s council area.
It should be kept in mind that there will be variations within those Barnet area increases depending upon which part of the wider Barnet council area is being discussed. Some very desirable areas may have seen price increases considerably above the average whilst there may have been others slightly below it.
Implications for buyers in the Barnet area
Clearly, property in this area will be considerably more expensive now than it was as little as 12 months ago. However, looking at historic property price trends is useful but only if it is done in the context of understanding predictions for what that same property is likely to be doing in the future.
The dangers of trying to predict property prices are well-known and buyers should use a degree of common sense and realistic assessment. Even so, many traditionally conservative sources are forecasting price increases across the UK of between 5%-8% for 2014.
Given that the Barnet area overall seems to have exceeded national averages for England and Wales during 2013, there would seem no reason to doubt that something similar will be the case in 2014. When taken as a whole, the statistics for 2013 and the forecast for 2014 would appear to suggest that purchasing property in the Barnet area should constitute an acceptable risk in terms of overall market movements.
Links to the background economy
Inevitably, people considering buying property and moving to Barnet will have at least one element of their attention on the financial traumas that began in 2008 and which have only started to abate in economic terms during 2013.
In that domain, the current economic forecasts from bodies such as the government and IMF appear to be encouraging. At the time of writing these forecasts show a relatively comfortable degree of economic growth forecast for the UK as a whole over the years ahead. In fact, by some measures, the forecasts appear to show growth in the UK being the strongest in the European Union and one of the strongest in the industrialised world.
These forecasts should give some indication that the worst of the financial crises of recent years may well be behind us and that should only help to strengthen the property markets further.
Barnet Property Market Summary
The Barnet area is a highly desirable location and one that offers excellent amenities. There is a wide variety of property types available and at the end of 2013, illustrative average prices were:
- Flats – £256,004;
- Semi-detached properties – £473,876;
- Terraces – £391,169.
Given this wide availability of choice, Barnet’s future as a bubbling and vibrant residential area seems assured.
For more information about Property Prices Barnet London and about Barnet itself please check the related posts below.