Fall in Nottinghamshire house prices at the end of 2018

House prices in Nottinghamshire declined slightly, by 0.3 per cent in November, despite witnessing a 4.2 per cent overall rise over the last 12 months.

Thursday, 17th January 2019, 1:54 pm
Updated Friday, 18th January 2019, 1:35 am
House prices in Nottinghamshire fell slightly at the end of last year

The latest data from the Office of National Statistics (ONS) shows that the average property in the area sold for £177,537 – significantly lower than the UK average of £230,630.

Across the East Midlands, property prices have risen by 4.4 per cent in the last year, to £192,061.

The region outperformed the UK as a whole, which saw the average property value increase by 2.8 per cent.

House prices in Nottinghamshire fell slightly at the end of last year

The data comes from the House Price Index, which the ONS compiles using house sale information from the Land Registry, and the equivalent bodies in Scotland and Northern Ireland.

The average homeowner in Nottinghamshire will have seen their property jump in value by around £43,000 in the last five years.

The figures also showed that buyers who made their first step onto the property ladder in Nottinghamshire in November spent an average of £148,059 – around £36,000 more than it would have cost them five years ago.

Lawrence Bowles, research analyst at estate agents Savills, said: “We saw a slight growth in UK house prices in the year to November, but that’s slower growth than we saw saw a couple of months ago, in September. Last month aside, it is the slowest growth in over five years, since July 2013.

"We are still seeing house price growth in real terms, but very limited.

"The fastest growth is in the regions, particularly in Wales and the Midlands. Growth in London, where affordability is most stretched, is slower.

"We expect to see that ripple effect from London continue, with our forecast showing the fastest house price growth to come in the north."

Between October 2017 and September last year, the most recent 12 months for which sales volume data is available, 13,999 homes were sold in Nottinghamshire, 4% fewer than in the previous year.