House prices in Bassetlaw increased slightly in August, new figures show.

Housing market experts said growing uncertainty around the autumn Budget has had an impact on sellers' sentiment across the UK.

Figures from the Office for National Statistics show the average Bassetlaw house price in the year to August was £211,602 – a 0.5 per cent increase on July.

There has been an increase in house prices in Bassetlaw.

placeholder image — There has been an increase in house prices in Bassetlaw.

The picture was different to that across the East Midlands, where prices increased by 1.2 per cent.

The rise in Bassetlaw contributes to the longer-term trend in the area, which has seen property prices in the area grow by 8.3 per cent over the last year.

It means the area ranked third among the East Midlands’s 35 local authorities for annual growth, with the average price in Bassetlaw rising by £16,000 over the past year.

The highest annual growth in the East Midlands was in North East Derbyshire, where property prices increased on average by 8.8 per cent.

At the other end of the scale, properties in Rutland lost 2.2 per cent of their value.

Across the UK average house prices increased three per cent in the year to August, reaching £273,000 typically.

The rate of annual growth slowed from 3.2 per cent in the 12 months to July.

However this varied greatly across English regions.

While average house prices rose 6.6 per cent across the North East for instance, London was the only region where they fell, by 0.3 per cent.

The figures were released as the ONS said Consumer Prices Index inflation was 3.8 per cent in September, remaining at the same level as both July and August.

James Evans, chief executive at estate agent Douglas & Gordon, said: "Many buyers who hit pause earlier in the year are now back in the market, encouraged by more stable rates and improving affordability.

"It’s a positive sign, but we’re not out of the woods yet. Policy uncertainty ahead of the autumn Budget is already making some buyers cautious, particularly at the higher end."

Colleen Babcock, a property expert at Rightmove, said: "A decade-high level of homes this year has limited the growth of house prices compared to last year.

"Buyers have more choice and more negotiating power, and we’re seeing more realism from sellers about the prices they can set to find a buyer amongst the competition.

"However, prices are holding up more strongly in the north of England, Wales and Scotland, where more affordable price points means that changes to stamp duty charges from April have had less of an impact."

Stamp duty applies in England and Northern Ireland.

Simon Gerrard, chairman of Martyn Gerrard Estate Agents, said: "These figures from August represent sales from earlier in the year and don’t show the slowdown that set in once Budget speculation started.

"People aren’t making property decisions until there’s clarity on what new measures are coming."