Bassetlaw house prices crashed by 5.4 per cent in February
House prices crashed by 5.4 per cent in Bassetlaw in February, new figures show.
But the large drop does not reverse the longer-term trend, which has seen property prices in the area achieve 2.6 per cent annual growth.
The average Bassetlaw house price in February was £166,539, Land Registry figures show – a 5.4 per cent decrease on January.
Over the month, the picture was worse than that across the East Midlands, where prices increased 0.8 per cent, and Bassetlaw underperformed compared to the UK as a whole, where prices did not change.
Over the last year, the average sale price of property in Bassetlaw rose by £4,300 – putting the area 43rd among the East Midlands’s 45 local authorities for annual growth.
The best annual growth in the region was in Newark and Sherwood, where property prices increased on average by 20.9 per cent, to £220,000. At the other end of the scale, properties in Oadby and Wigston lost 1.3 per cent of their value, giving an average price of £222,000.
Winners and Losers
Owners of detached houses fared worst in Bassetlaw in February – they dropped 5.5 per cent in price, to £242,344 on average. But over the last year, prices rose by 3.1 per cent.
Among other types of property:
Semi-detached: down 5.3 per cent monthly; up 2.3 per cent annually; £143,211 average
Terraced: down 5.4 per cent monthly; up 2.6 per cent annually; £118,640 average
Flats: down 4.8 per cent monthly; up 0.1 per cent annually; £88,141 average
First-time buyers in Bassetlaw spent an average of £140,800 on their property – £3,100 more than a year ago, and £27,400 more than in January 2016.
By comparison, former owner-occupiers paid £188,100 on average in February – 33.6 per cent more than first-time buyers.
How do property prices in Bassetlaw compare?
Buyers paid 22.2 per cent less than the average price in the East Midlands (£214,000) in February for a property in Bassetlaw. Across the East Midlands, property prices are low compared to those across the UK, where the average cost £250,000.