Bassetlaw house prices leapt five per cent in June

The significant 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 June was £182,409.4586, Land Registry figures show – a five per cent increase on May.

Over the month, the picture was similar to that across the East Midlands, where prices increased 5.06 per cent, but Bassetlaw outperformed the 4.49 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 seventh among the East Midlands’s 45 local authorities for annual growth.

The best annual growth in the region was in Derbyshire Dales, where property prices increased on average by 24.7 per cent, to £319,000. At the other end of the scale, properties in South Kesteven gained 4.2 per cent in value, giving an average price of £230,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in Bassetlaw in June – they increased 5.1%, to £129,927.178 on average. Over the last year, prices rose by 15.9 per cent.

Among other types of property:

Detached: up five per cent monthly; up 17.1 per cent annually; £266,986.60 average

Semi-detached: up 4.9 per cent monthly; up 15 per cent annually; £156,009.95 average

Flats: up 4.9 per cent monthly; up 11.6 per cent annually; £94,822.53 average

First steps on the property ladder

First-time buyers in Bassetlaw spent an average of £154,000 on their property – £21,000 more than a year ago, and £32,000 more than in June 2016.

By comparison, former owner-occupiers paid £206,000 on average in June – 33.6 per cent more than first-time buyers.

How do property prices in Bassetlaw compare?

Buyers paid 19.6 per cent less than the average price in the East Midlands (£227,000) in June for a property in Bassetlaw. Across the East Midlands, property prices are low compared to those across the UK, where the average cost £266,000.

The most expensive properties in the East Midlands were in South Northamptonshire – £342,000 on average, and 1.9 times as much as in Bassetlaw.

South Northamptonshire properties cost 2.3 times as much as homes in Bolsover (£147,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average June sale price of £1.2 million could buy 13 properties in Burnley (average £99,000).