Spotlight on Barnet

Jul 25, 2017
Why Buy New Homes in Barnet
No longer just a quiet suburb for families, Barnet now attracts a wave of young professional renters and homebuyers. Thanks to major regeneration schemes and stylish new housing developments, this up-and-coming area could be the ideal place to buy your next property.

Multi-billion pound investment

 In 2015, Barnet became the most populated borough in London with nearly 370,000 residents, and this figure is set to climb by 21% from 2011 to 2041.[1] To serve this growing population, Barnet council is helping to create 27,000 new homes and up to 30,000 new jobs – the most in Zone 5.

With seven major regeneration schemes already underway, the borough's flagship project is the 180-acre, £4bn development of Brent Cross Cricklewood.[2] In addition to thousands of homes and jobs, the Brent Cross South project will create a smart new high street filled with local shops and restaurants. The project will also see the birth of a new Thameslink train station in Cricklewood, new parks and new cycle routes.

The regeneration is funded predominantly by private sector investment. With an estimated £565m of council money also promised for supporting infrastructure, such as new schools, leisure and community centres[3], Barnet is a borough that's investing heavily in the future.

Rising demand in Zone 5

 According to the latest data from Countrywide, house prices are rising faster in Zone 5 than anywhere else in London for the first time in ten years.[4] This is largely due to homebuyers priced out of inner London searching for homes in financially viable areas.

Demand is being driven by professional couples and young families who are looking for affordable properties, which is why flats and smaller houses are continuing to outperform larger ones across all commuter zones. For first-time buyers looking to get on the property ladder and for families looking for more space and a more peaceful way of life, suburbs like Barnet are proving ideal.

Excellent, round-the-clock access

 Dataloft and Sellmyhome recently forecast that property prices within half a mile of Night Tube stations will increase by 5 to 10% above the general rate of growth.[5] Up until now many Londoners considered Zones 4 onwards out of reach, but the Night Tube is changing those perceptions. The areas surrounding the end of the Northern line at High Barnet and Edgware are expected see the biggest price hikes.

Barnet offers good road and rail transport links including the North Circular and M1 motorway.  With two major suburban rail routes passing through the borough, journeys to Moorgate and King’s Cross take just 30 minutes.[6]

Quality of life

 Barnet is acknowledged as a family-friendly borough. There is a large selection of diverse schools on offer, and the excellent quality of its state schools is one of the main reasons why families choose to move here.[7]

People who live and work here can enjoy easy access to formal parks and gardens, wild landscapes and leafy river valleys.[8] Within striking distance of both central London and the Hertfordshire countryside, Barnet's ideal for those who love the outdoors.

Current asking prices and rental yields

As of January 2017, the average value of properties in the London borough of Barnet is £569,430. It has increased 5.65% in the last 12 months and 47.73% in the last five years. For a two-bedroom flat, the average asking price is £501,294 and the average asking rent is £1,588pcm, which means the gross rental yield is currently 3.80%. [9]

This content is correct as of January 2017