Bassetlaw house prices increased slightly in May
House prices increased slightly, by 0.4 per cent, in Bassetlaw in May, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 15.9 per cent annual growth.
The average Bassetlaw house price in May was £183,795, Land Registry figures show – a 0.4 per cent increase on April.
Over the month, the picture was better than that across the East Midlands, where prices decreased 0.2 per cent, but Bassetlaw underperformed compared to the 0.9 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Bassetlaw rose by £25,000 – putting the area fourth among the East Midlands’s 45 local authorities for annual growth.
The best annual growth in the region was in Rutland, where property prices increased on average by 29.8 per cent, to £386,000. At the other end of the scale, properties in South Northamptonshire gained 0.6 per cent in value, giving an average price of £326,000.
Winners and losers
Owners of detached houses saw the biggest improvement in property prices in Bassetlaw in May – they increased 0.6 per cent, to £268,943 on average. Over the last year, prices rose by 16.9 per cent.
Among other types of property:
Semi-detached: up 0.2 per cent monthly; up 15.1 per cent annually; £157,155 average
Terraced: up 0.5 per cent monthly; up 16.2 per cent annually; £131,139 average
Flats: remained level over the month; up 11 per cent annually; £95,160 average
First steps on the property ladder
First-time buyers in Bassetlaw spent an average of £155,000 on their property – £21,000 more than a year ago, and £36,000 more than in May 2016.
By comparison, former owner-occupiers paid £208,000 on average in May – 33.6 per cent more than first-time buyers.
How do property prices in Bassetlaw compare?
Buyers paid 14.9 per cent less than the average price in the East Midlands (£216,000) in May for a property in Bassetlaw. Across the East Midlands, property prices are low compared to those across the UK, where the average cost £255,000.
The most expensive properties in the East Midlands were in Rutland – £386,000 on average, and 2.1 times as much as in Bassetlaw. Rutland properties cost 2.6 times as much as homes in Bolsover (£146,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average May sale price of £1.2 million could buy 12 properties in Burnley (average £100,000).