New Build Investor Guide – Barnet

May 2021

Buying a new build property off plan? Check out our Area Guide first

Are you considering purchasing a new build, off plan property in Barnet? Want to get the latest information on house prices, demographics and other useful information before you commit to a deal?

Our Area Guides give you the latest relevant information from local governments, the Census and the Office of National Statistics (ONS) data. They’re designed for offshore, new build property investors to help you understand an area in detail so you can make informed investment decisions.

Read on for investor details specifically about Barnet but if it’s more detail about the wider UK property market you need, you can download our latest report here. In our report we address two key questions:

1 Is investing in UK residential property still worth it?
2 If so, where are the best opportunities for property investors and why?

Barnet, London

Barnet is one of 20 outer London boroughs and is located in north London. Spanning nearly 33 square miles, it is the 4th largest borough by area. The borough is north of the river Thames and borders the county of Hertfordshire to the north and the London borough of Harrow, Brent, Camden, Haringey and Enfield. It includes the districts Barnet, Brent Cross, Colindale, Finchley, Edgware, Muswell Hill and many more.

Demographics

Barnet’s population is forecast to grow by nearly 16% by 2030

Population (2018) 379,049
Forecast Population 2030 438,006

Source: data.london.gov.uk


Economically Active Population

A largely young, diverse, mobile population.

Age Range Percentage of population
16 – 64 65%
Under 15 21%
Over 65 14%
Martial Status:  
Single 37%

Source: data.london.gov.uk


Average Life Expectancy

The average life expectancy for those born in Barnet between 2016 and 2018 are below. Life expectancy in the borough is the lowest of all London borough’s for both males and females .

Males 82 (UK average is 79). Males in Barnet have the 6th longest life expectancy of all London boroughs.
Females 86 (UK average is 83). Females in Barnet have the 5th longest life expectancy of all London boroughs.

Source: ons.gov.uk


Population Density (2011)

Barnet has 4,563 people per km2. Lower than the London average of 5,701 people per km2.

Source: ons.gov.uk


International Migration (2018-19)

7,269 new residents from overseas moved to Barnet in 2018 -2019.

Source: ons.gov.uk


Country of Birth

Location of Birth Proportion of Population
UK and Ireland 63%
EU 10%
Other countries 27%

Source: data.london.gov.uk


Crime & Safety

Crime Numbers (April 2017 – March 2018)   26,227
Crime rate per 1,000 population (April 2017 -March 2018) 68
Barnet has the 7th lowest crime rate per 1,000 people of all London boroughs.  

Source: data.london.gov.uk


Education Schools

Primary Schools 126 (32 of which have an Ofsted rating of outstanding)
Secondary Schools      53 (10 of which have an Ofsted rating of outstanding)
Schools and Colleges (16-18 years) 46 (11 of which have an Ofsted rating of outstanding)

Source: compare-school-performance.service.gov.uk


Universities

University of Middlesex London


Hospitals

BMI Hendon
Finchley Memorial Hospital
Chase Lodge Hospital
Hadley Wood Hospital


General Wellbeing

Population considering themselves in very good health 52%
Population considering themselves in very bad health 1%

Source: data.london.gov.uk


Employment & Economy

75% of working aged people employed (compared to 75% across England 74% across London).


Top 4 Sectors of Employment

Finance, banking and insurance 30%
Public administration, education and health    28%
Distribution, hotels and restaurants 15%
Construction 9%

Source: data.london.gov.uk


Major Employers

In 2020, there were 30 companies in the borough employing more than 250 people and 215 companies employing between 50 and 249 people. (source: nomisweb.co.uk)


Jobs and Job density

Aproximately 59,512 residents of Barnet also work in the borough. 47,272 people travel into the borough each day for work and 83,352 residents work outside the borough. The daytime population of the borough therefore decreases by 39,080 people each day. (source: data.london.gov.uk).

Median Gross Annual Pay for full-time employee jobs (2017) £31,365
Number of jobs in the borough (2019)            92,000
Jobs per resident        0.49 (London average 1.03 and UK average 0.87)

Source: nomisweb.co.uk and data.london.gov.uk


Housing

Number of residential properties in Barnet 148,190

Source: data.london.gov.uk


Property Ownership (2018)

own property outright (no mortgage) 33%
own property with mortgage 29%
rent from a Housing Authority or the Local Authority 15%
rent from a private landlord (representing approximately 34,300 private rentals) 24%

Source: data.london.gov.uk

Household with no car or van (2011) 29%

Source: nomisweb.co.uk


Household Composition

One person households    28%
One family households     58%
Other  (sharers / students etc)   14%

Source: nomisweb.co.uk


Average House Prices

House prices in Barnet are the 12th most expensive of all London boroughs and the third most expensive of the outer London boroughs.

Average achieved price January 2020 £521,666
Average achieved price January 2021 £544,918
Increase/Decrease  +4.5%

Source: www.gov.uk


Volume of Sales

During the COVID pandemic, the number of property transactions fell by 32%, the 5th largest fall of all London boroughs.

Number of residential sales to year ending September 2019 3,768
Number of residential sales to year ending September 2020    2,581

Source: ons.gov.uk


Achieved Rents (January to December 2020)

Mean monthly average rents in the borough:

  London Median Rents
(per calendar month)
Barnet
(per calendar month)
Studio     £950 £900
1 bedroom £1,200 £1,150
2 bedrooms £1,450 £1,400
3 bedrooms £1,750 £1,798

Source: london.gov.uk


New Build Developments in Barnet

There are nineteen new build large developments in Barnet are currently available for sale. Many of these have been sold in Asia and the Middle East to foreign property investors.

Construction PropTech Pioneer

Beaufort Park (St George)

Total Number of Apartments in the Fairbank, Foxcroft and Ferrington Buildings 383
These buildings first launched September 2018

Visit Website


Average Prices – Beaufort Park

  Minimum Average Maximum
Price £399,950 £569,209 £894,950
Price per ft² £618 £758 £900
Area (ft²) 338 705 1,157

source: Molior

  Minimum Average Maximum
1 Bedroom £399,950 £419,593 £494,950
2 Bedroom £529,950 £548,504 £587,720
3 Bedroom £819,950 £856,200 £894,950

source: Molior


Millbrook Park – Plaza Collection (Polly)

Total Number of Apartments 310 (262 private)
First Launched August 2020

Visit Website


Average Prices – Millbrook Park – Plaza Collection

  Minimum Average Maximum
Price £399,000 £566,557 £753,690
Price per ft² £619 £707 £795
Area (ft²) 580 806 1,051

source: Molior

  Minimum Average Maximum
1 Bedroom £399,000 £425,713 £447,170
2 Bedroom £549,020 £633,273 £753,690

source: Molior


Ridgeway Views (Barratt London)

Total Number of Apartments 528 (320 private)
First Launched September 2018

Visit Website


Average Prices – Ridgeway View

  Minimum Average Maximum
Price £535,000 £816,829 £2,100,000
Price per ft² £514 £650 £920
Area (ft²) 760 1,255 2,862

source: Molior

  Minimum Average Maximum
1 Bedroom / / /
2 Bedroom £535,000 £682,959 £810,000
3 Bedroom £599,000 £748,665 £1,090,000

source: Molior


Colindale – Blocks E, F and G (Redrow)

Total Number of Apartments in Blocks E, F and G 483
First Launched August 2020

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Average Prices – Colindale – blocks E, F and G

  Minimum Average Maximum
Price £357,500 £430,139 £595,000
Price per ft² £592 £679 £728
Area (ft²) 505 640 1,005

source: Molior

  Minimum Average Maximum
Studio £360,000 £363,125 £367,500
1 Bedroom £357,500 £385,625 £412,500
2 Bedroom £460,000 £522,000 £555,000
3 Bedroom £595,000 £595,000 £595,000

source: Molior


Millbrook Park – The Claves – Eco World

Total Number of Apartments in Blocks E, F and G 188 (159 Private)
First Launched July 2017

Visit Website


Average Prices – Millbrook Park

  Minimum Average Maximum
Price £410,000 £658,222 £1,645,000
Price per ft² £607 £717 £826
Area (ft²) 536 939 2,406

source: Molior

  Minimum Average Maximum
1 Bedroom £410,000 £426,389 £455,000
2 Bedroom £600,000 £748,261 £950,000
3 Bedroom £995,000 £1,030,000 £1,100,000

source: Molior


Environment & Leisure

Barnet is home to a large part of green belt land and:

159 parks and open spaces
10 locations with tennis courts
23 locations with football pitches
2 locations with rugby pitches
7 locations with basketball courts
2 golf courses
14 nature reserves
5 leisure centres (with 2 more under development)
16 libraries


Transport

Barnet’s overground and underground stations are in Zones 3, 4 and 5 .


Overground Stations

Cricklewood Hendon
Mill Hill Broadway New Barnet
Oakleigh Park  

Underground Stations

Brent Cross (Northern line) Burnt Oak (Northern line)
Colindale (Northern line) East Finchley (Northern line)
Edgware (Northern line) Finchley Central (Northern line)
Golders Green (Northern line) Hendon Central (Northern line)
High Barnet (Northern line) Mill Hill East (Northern line)
Totteridge & Whetsone (Northern line) West Finchley (Northern line)
Woodside Park (Northern line)  

Local Government

The Conservative Party

UK market report 1536x768 2 PropTech Pioneer