House prices down in Bassetlaw

House prices have dropped in Bassetlaw
House prices have dropped in Bassetlaw

House prices dropped in Bassetlaw in June, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 1.8 per cent annual growth .

The average Bassetlaw house price in June was £150,728, Land Registry figures show – a 2.4 per cent decrease on May.

Over the month, the picture was worse than that across the East Midlands, where prices increased 1.6 per cent , and Bassetlaw underperformed compared to the 0.7 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Bassetlaw rose by £2,600 – putting the area 27th among the East Midlands’ 40 local authorities for annual growth.

The best annual growth in the region was in Derbyshire Dales, where properties increased on average by 8.8 per cent, to £279,000.

At the other end of the scale, properties in south Northamptonshire dropped 5.6 per cent in value, giving an average price of £303,000.

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Owners of flats fared worst in Bassetlaw in June – they dropped 3.3 per cent in price, to £81,047 on average – but over the last year, prices dropped by 1.6 per cent.

Detached properties were down 2.4 per cent in value monthly, but are up two per cent overall annually to an average price of £218,766.

Semi-detached properties are also down 2.4 per cent monthly, but up 1.8 per cent annually for an average price of £129,882, while terraced properties were down 2.3 per cent monthly and up 1.3 per cent annually to an average price of £107,258.

First-time buyers in Bassetlaw spent an average of £ 127,500 on their property – £1,900 more than a year ago, and £18,600 more than in June 2014.

By comparison, former owner-occupiers paid £ 170,100 on average in June – 33.4 per cent more than first-time buyers.

Buyers paid 22.8 per cent less than the average price in the East Midlands (£195,000) in June for a property in Bassetlaw.