Bassetlaw house prices dropped in July

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 10.3 per cent annual growth.

The average Bassetlaw house price in July was £176,651, Land Registry figures show – a 3.1 per cent decrease on June.

Over the month, the picture was better than that across the East Midlands, where prices decreased 5.5 per cent, and Bassetlaw outperformed the 3.7 per cent drop for the UK as a whole.

Over the last year, the average sale price of property in Bassetlaw rose by £17,000 – putting the area 25th among the East Midlands’s 45 local authorities for annual growth.

The best annual growth in the region was in South Northamptonshire, where property prices increased on average by 17.1 per cent, to £365,000. At the other end of the scale, properties in South Kesteven gained 3.2 per cent in value, giving an average price of £224,000.

Winners and Losers

Owners of detached houses fared worst in Bassetlaw in July – they dropped 3.4 per cent in price, to £92,346 on average. But over the last year, prices rose by 11.1 per cent.

Among other types of property:

Semi-detached: down 2.9 per cent monthly; up 9.7 per cent annually; £151,557 average

Terraced: down 3.2 per cent monthly; up 10.4 per cent annually; £125,947 average

Flats: down 2.6 per cent monthly; up 6.2 per cent annually; £92,346 average

First steps on the property ladder

First-time buyers in Bassetlaw spent an average of £149,000 on their property – £14,000 more than a year ago, and £28,000 more than in July 2016.

By comparison, former owner-occupiers paid £199,000 on average in July – 33.4 per cent more than first-time buyers.

How do property prices in Bassetlaw compare?

Buyers paid 17.5 per cent less than the average price in the East Midlands (£214,000) in July for a property in Bassetlaw. Across the East Midlands, property prices are low compared to those across the UK, where the average cost £256,000.

The most expensive properties in the East Midlands were in Rutland – £371,000 on average, and 2.1 times as much as in Bassetlaw. Rutland properties cost 2.6 times as much as homes in Bolsover (£145,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average July sale price of £1.3 million could buy 13 properties in Burnley (average £101,000).

Factfile

Average property price in July

Bassetlaw: £176,651

The East Midlands: £214,169

UK: £255,535

Annual growth to July

Bassetlaw: +10.3 per cent

The East Midlands: +6.9 per cent

UK: +8 per cent