Bassetlaw house prices dropped in June

House prices dropped by 1.3% in Bassetlaw in June, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 0.6% annual decline.

The average Bassetlaw house price in June was £193,500, Land Registry figures show – a 1.3% decrease on May.

Over the month, the picture was different to that across the East Midlands, where prices increased 1.3%, and Bassetlaw was lower than the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in Bassetlaw fell by £1,200 – 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 Rutland, where property prices increased on average by 11%, to £407,000. At the other end of the scale, properties in South Holland lost 2.2% of their value, giving an average price of £232,000.

First steps on the property ladder

First-time buyers in Bassetlaw spent an average of £163,000 on their property – £1,400 less than a year ago, but £37,400 more than in June 2018.

By comparison, former owner-occupiers paid £219,100 on average in June – 34.4% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in Bassetlaw in June – they dropped 1.6% in price, to £285,623 on average. But over the last year, prices rose by 0.1%.

Among other types of property:

How do property prices in Bassetlaw compare?

Buyers paid 22.2% less than the average price in the East Midlands (£249,000) in June for a property in Bassetlaw. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £288,000.

The most expensive properties in the East Midlands were in Rutland – £407,000 on average, and 2.1 times the price as in Bassetlaw. Rutland properties cost 2.3 times the price as homes in Bolsover (£177,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, with an average price of £1.3 million.

Factfile

Average property price in June

• Bassetlaw: £193,500
• The East Midlands:£248,678
• UK: £287,546

Annual change to June

• Bassetlaw: -0.6%
• The East Midlands: +2.4%
• UK: +1.7%

Highest and lowest annual growth in the East Midlands

• Rutland: +11%
• South Holland: -2.2%