Bassetlaw house prices increased in June

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 8.6 per cent over the last year.

The average Bassetlaw house price in June was £195,701, Land Registry figures show – a 1.4 per cent increase on May.

Over the month, the picture was similar to that across the East Midlands, where prices increased 1.7 per cent, but Bassetlaw was above the 1 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Bassetlaw rose by £15,000 – putting the area 30th among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in High Peak, where property prices increased on average by 17 per cent, to £262,000. At the other end of the scale, properties in Rutland gained 5 per cent in value, giving an average price of £376,000.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

First steps on the property ladder

First-time buyers in Bassetlaw spent an average of £165,000 on their property – £13,000 more than a year ago, and £41,000 more than in June 2017.

By comparison, former owner-occupiers paid £221,000 on average in June – 33.7 per cent more than first-time buyers.

Property types

Owners of terrace houses saw the biggest rise in property prices in Bassetlaw in June – they increased 2 per cent, to £138,868 on average. Over the last year, prices rose by 7.4 per cent.

Among other types of property:

Detached: up 0.9 per cent monthly; up 9.4 per cent annually; £287,121 average; Semi-detached: up 1.6 per cent monthly; up 8.7 per cent annually; £167,906 average; Flats: up 1.7 per cent monthly; up 2 per cent annually; £96,223 average.

Buyers paid 20.4 per cent less than the average price in the East Midlands (£246,000) 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 £286,000.

The most expensive properties in the East Midlands were in Rutland – £376,000 on average, and 1.9 times as much as more than in Bassetlaw. Rutland properties cost 2.2 times as much as homes in Bolsover (£172,000 average), at the other end of the scale.

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

Average property price in June: Bassetlaw – £195,701; East Midlands – £245,911; UK – £286,397.

Annual growth to June: Bassetlaw – 8.6 per cent; East Midlands – 9.3 per cent; UK – 7.8 per cent.

Highest and lowest annual growth in the East Midlands: High Peak – 17 per cent; Rutland – 5 per cent.