Bassetlaw house prices increased in February

House prices increased by 1.8 per cent in Bassetlaw in February, new figures show.

By Katie Williams, Data Reporter
Tuesday, 19th April 2022, 7:29 pm

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 12.3 per cent annual growth.

The average Bassetlaw house price in February was £195,038, Land Registry figures show – a 1.8 per cent increase on January.

Over the month, the picture was better than that across the East Midlands, where prices decreased 0.4 per cent, and Bassetlaw outperformed the 0.5 per cent rise for the UK as a whole.

Bassetlaw house prices increased in February

Over the last year, the average sale price of property in Bassetlaw rose by £21,000 – putting the area 14th among the East Midlands’s 35 local authorities with price data for annual growth.

The best annual growth in the region was in South Holland, where property prices increased on average by 19.7 per cent, to £237,000. At the other end of the scale, properties in Bolsover gained just 4.2 per cent in value, giving an average price of £159,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in Bassetlaw in February – they increased 1.9 per cent, to £289,360 on average. Over the last year, prices rose by 14.3 per cent.

Among other types of property:

Semi-detached: up 1.7 per cent monthly; up 11.5 per cent annually; £166,054 average

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Terraced: up 1.5 per cent monthly; up 10.3 per cent annually; £136,686 average

Flats: up 1.8 per cent monthly; up 5.6 per cent annually; £97,194 average

First steps on the property ladder

First-time buyers in Bassetlaw spent an average of £164,000 on their property – £17,000 more than a year ago, and £41,000 more than in February 2017.

By comparison, former owner-occupiers paid £221,000 on average in February – 35 per cent more than first-time buyers.

How do property prices in Bassetlaw compare?

Buyers paid 17.4 per cent less than the average price in the East Midlands (£236,000) in February for a property in Bassetlaw. Across the East Midlands, property prices are lower than those across the UK, where the average cost £277,000.

The most expensive properties in the East Midlands were in Harborough – £367,000 on average, and 1.9 times as much as more than in Bassetlaw. Harborough properties cost 2.3 times as much as homes in Bolsover (£159,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

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