Bassetlaw house prices dropped in December

House prices dropped by 2.6% in Bassetlaw in December, new figures show.

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

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

Over the month, the picture was different to that across the East Midlands, where prices increased 1.6%, and Bassetlaw was lower than the 0.1% 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%, to £261,000. At the other end of the scale, properties in Lincoln lost 7.7% of their value, giving an average price of £174,000.

First steps on the property ladder

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.

Property types

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

Among other types of property:

• Detached: down 2.6% monthly; down 4.6% annually; £277,589 average
• Semi-detached: down 2.4% monthly; down 5.3% annually; £161,974 average
• Terraced: down 2.9% monthly; down 6.9% annually; £131,558 average

How do property prices in Bassetlaw compare?

Buyers paid 24.3% 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. Rutland properties cost 2.3 times the price as homes in Lincoln (£174,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in December

• Bassetlaw: £188,092
• The East Midlands:£248,390
• UK: £284,691

Annual change to December

• Bassetlaw: -5.4%
• The East Midlands: -1%
• UK: -1.4%

Highest and lowest annual growth in the East Midlands

• Broxtowe: +5.4%
• Lincoln: -7.7%