House prices on the up in Worksop according to new figures
House prices have risen slightly in Bassetlaw new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 10.2 per cent annual growth.
Over the month, the picture was less good than that across the East Midlands, where prices increased 2.7 per cent, and Bassetlaw underperformed compared to the 2.9 per cent rise 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 18th among the East Midlands’s 39 local authorities for annual growth.
Owners of detached houses saw the biggest improvement in property prices in Bassetlaw in August – they increased 0.7 per cent, to £262,457 on average. Over the last year, prices rose by 11.7 per cent.
Semi-detached homes rose 0.1 per cent monthly; up 9.5 per cent annually, to an average of £153,129, while terrace homes fell 0.3 per cent monthly, still up 9.2 per cent annually, to an average price of £126,240.
Flats fell 0.9 per cent monthly, to an average of £91.564, but are still up 4.8 per cent annually.
First steps on the property ladder
First-time buyers in Bassetlaw spent an average of £151,000 on their property – £13,000 more than a year ago, and £30,000 more than in August 2016.
By comparison, former owner-occupiers paid £202,000 on average in August – 34 per cent more than first-time buyers.
How do property prices in Bassetlaw compare?
Buyers paid 19.4 per cent less than the average price in the East Midlands of £222,000 in August for a property in Bassetlaw.
Across the East Midlands, property prices are low compared with those across the UK, where the average cost £264,000.
The most expensive properties in the East Midlands were in Rutland, with an average price of £349,000, twice as much as in Bassetlaw. Rutland properties cost 2.3 times as much as homes in Bolsover – £155,000 average – at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea in London.