Here's what's happened to house prices since coronavirus lockdown began

New figures show the coronavirus lockdown has seen house prices drop in Bassetlaw.
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But the ​drop ​does not reverse the longer-term trend, which has seen property prices in the area ​achieve 1.3% annual growth​.

The average Bassetlaw house price in March was £154,139​ – a 4.8 per cent decrease on February.

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Over the month, the picture was ​worse than that across the East Midlands, where prices ​increased 0.4 per cent, and Bassetlaw underperformed compared to the 0.2 per cent drop for the UK as a whole.

House prices have dropped in Bassetlaw since lockdown began. Photo: Peter Macdiarmid/Getty ImagesHouse prices have dropped in Bassetlaw since lockdown began. Photo: Peter Macdiarmid/Getty Images
House prices have dropped in Bassetlaw since lockdown began. Photo: Peter Macdiarmid/Getty Images

Over the last year, the average sale price of property in Bassetlaw ​​rose by £2,000 – putting the ​area 22nd among the East Midlands’s 40 local authorities for annual growth.

Owners of terraced houses fared worst in Bassetlaw in March – they saw the value of their properties drop 5.1 per cent in price, to £109,285 on average​. Owners of detached properties have seen the value of their homes fall 4.6 per cent, owners of semi-detached have seen their properties drop in value by 4.9 per cent, while flat owners’ properties have dropped 4.9 per cent in value.

First-time buyers in Bassetlaw spent an average of £​130,500 on their property – ​£1,700 more than a year ago, ​and ​£23,300 more than in March 2015.

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