Bassetlaw house prices dropped in December

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 5.4 per cent annual decline.

The average Bassetlaw house price in December was £188,092, Land Registry figures show – a 2.6 per cent decrease on November.

Over the month, the picture was different to that across the East Midlands, where prices increased 1.6 per cent, and Bassetlaw was lower than the 0.1 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Bassetlaw fell by £11,000 – putting the area 33rd among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Broxtowe, where property prices increased on average by 5.4 per cent, to £261,000. At the other end of the scale, properties in Lincoln lost 7.7 per cent of their value, giving an average price of £174,000.

First-time buyers in Bassetlaw spent an average of £159,100 on their property – £8,900 less than a year ago, but £26,800 more than in December 2018.

By comparison, former owner-occupiers paid £212,200 on average in December – 33.4% more than first-time buyers.

Owners of flats saw the biggest fall in property prices in Bassetlaw in December – they dropped 3.1 per cent in price, to £89,576 on average. Over the last year, prices dropped by 8.9 per cent.

Among other types of property detached were down 2.6 per cent monthly; down 4.6 per cent annually; £277,589 average, semi-detached were down 2.4 per cent monthly; down 5.3 per cent annually; £161,974 average and terraced were down 2.9 per cent monthly; down 6.9 per cent annually; £131,558 average.

Buyers paid 24.3 per cent less than the average price in the East Midlands (£248,000) in December for a property in Bassetlaw. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £285,000.

The most expensive properties in the East Midlands were in Rutland – £397,000 on average, and 2.1 times the price as in Bassetlaw.