House prices suffer a fall in Bassetlaw

Lockdown led to drop in house prices in Bassetlaw, according to new figures from the Land Registry.

By John Smith
Monday, 21st September 2020, 4:40 pm

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 4.4 per cent annual growth.

The average Bassetlaw house price in June was £162,085 – a one per cent decrease on May.

Over the month, the picture was worse than that across the East Midlands, where prices increased 2.6 per cent, and Bassetlaw underperformed compared to the 0.7 per cent rise for the UK as a whole.

House prices have dropped in Bassetlaw over the lockdown period

Over the last year, however, the average sale price of property in Bassetlaw rose by £6,800 – putting the area 12th among the East Midlands’s 40 local authorities for annual growth.

Owners of flats were the big losers in Bassetlaw in June as the value of their properties dropped by 1.6 per cent to £87,007 on average​, although prices are still 2.7 per cent up overall on a year ago.

The average value of a detached property in Bassetlaw was down 1.1 per cent, while terraced properties fell by one per cent and semi-detached by 0.9 per cent.

First-time buyers in Bassetlaw spent an average of £​137,400 on their property – ​£5,700 more than a year ago

By comparison, former owner-occupiers paid £​182,700 on average in June​ – 33.0% more than first-time buyers.

Buyers paid 19.2 per cent less than the average price in the East Midlands (£201,000) 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 is £238,000.