Bassetlaw property: House prices in Bassetlaw rise more than the East Midlands average
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The boost contributes to the longer-term trend, which has seen property prices in the area achieve 14.3 per cent annual growth.
The average Bassetlaw house price in December was £194,652, Land Registry figures show – a 1.6 per cent increase on November.
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Over the month, the picture was better than that across the East Midlands, where prices increased 1.1 per cent, and Bassetlaw outperformed the 0.8 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Bassetlaw rose by £24,000 – putting the area eighth among the East Midlands’s 35 local authorities with price data for annual growth.
The best annual growth in the region was in Rushcliffe, where property prices increased on average by 22.2 per cent, to £356,000. At the other end of the scale, properties in Derby gained just seven per cent in value, giving an average price of £184,000.
Winners and Losers
Owners of detached houses saw the biggest improvement in property prices in Bassetlaw in December – they increased 2.3 per cent, to £290,557 on average. Over the last year, prices rose by 17.2 per cent.
Among other types of property:
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Semi-detached: up 1.2 per cent monthly; up 13.1 per cent annually; £165,296 average
Terraced: up 1.2 per cent monthly; up 11.4 per cent annually; £135,507 average
Flats: up 0 per cent monthly; up six per cent annually; £96,046 average
First steps on the property ladder
First-time buyers in Bassetlaw spent an average of £163,000 on their property – £19,000 more than a year ago, and £40,000 more than in December 2016.
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By comparison, former owner-occupiers paid £221,000 on average in December – 35.5 per cnet more than first-time buyers.
How do property prices in Bassetlaw compare?
Buyers paid 17.2 per cent less than the average price in the East Midlands – £235,000 - in December for a property in Bassetlaw.
Across the East Midlands, property prices are lower than those across the UK, where the average cost £275,000.
The most expensive properties in the East Midlands were in Harborough – £356,000 on average.