Bassetlaw house prices dropped by more than East Midlands average in April
House prices dropped by 1.9 per cent – more than the average for the East Midlands – in Bassetlaw in April, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 11.2 per cent annual growth.
The average Bassetlaw house price in April was £175,680, Land Registry figures show – a 1.9 per cent decrease on March.
Over the month, the picture was worse than that across the East Midlands where prices decreased 1.1 per cent.
Over the last year, the average sale price of property in Bassetlaw rose by £18,000 – putting the area 16th among the East Midlands’s 45 local authorities for annual growth.
The best annual growth in the region was in Melton, where property prices increased on average by 26.2 per cent, to £273,000.
At the other end of the scale, properties in Corby remained level at £191,000.
Winners and Losers
Owners of detached houses fared worst in Bassetlaw in April – they dropped 2.1 per cent in price, to £256,028 on average.
But over the last year, prices rose by 11.7 per cent.
Among other types of property:
Semi-detached: down 1.7 per cent monthly; up 11 per cent annually; £150,939 average
Terraced: down 1.8 per cent monthly; up 11.3 per cent annually; £125,260 average
Flats: down 1.9 per cent monthly; up 7 per cent annually; £91,761 average
First steps on the property ladder
First-time buyers in Bassetlaw spent an average of £149,000 on their property – £15,000 more than a year ago, and £32,000 more than in April 2016.
By comparison, former owner-occupiers paid £198,000 on average in April – 33.3 per cent more than first-time buyers.
How do property prices in Bassetlaw compare?
Buyers paid 17.6 per cent less than the average price in the East Midlands (£213,000) in April for a property in Bassetlaw. Across the East Midlands, property prices are low compared to those across the UK, where the average cost £251,000.
The most expensive properties in the East Midlands were in Rutland – £356,000 on average, and twice as much as in Bassetlaw. Rutland properties cost 2.4 times as much as homes in Bolsover (£150,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average April sale price of £1.1 million could buy 11 properties in East Ayrshire (average £105,000).