Gedling house prices increased slightly in December

House prices increased slightly, by 0.8%, in Gedling in December, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 0.5% over the last year.

The average Gedling house price in December was £251,584, Land Registry figures show – a 0.8% increase on November.

Over the month, the picture was different to that across the East Midlands, where prices increased 1.6%, but Gedling was above the 0.1% rise for the UK as a whole.

Over the last year, the average sale price of property in Gedling rose by £1,100 – putting the area ninth 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 Gedling spent an average of £212,140 on their property – £530 more than a year ago, and £54,460 more than in December 2018.

By comparison, former owner-occupiers paid £282,160 on average in December – 33% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Gedling in December – they increased 1.1%, to £238,855 on average. Over the last year, prices rose by 1.1%.

Among other types of property:

• Detached: up 0.9% monthly; up 1.2% annually; £367,972 average
• Terraced: up 0.4% monthly; down 1.3% annually; £176,333 average
• Flats: up 0.6% monthly; down 1.8% annually; £122,690 average

How do property prices in Gedling compare?

Buyers paid 1.3% more than the average price in the East Midlands (£248,000) in December for a property in Gedling. 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 1.6 times the price as in Gedling. 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

• Gedling: £251,584
• The East Midlands:£248,390
• UK: £284,691

Annual change to December

• Gedling: +0.5%
• The East Midlands: -1%
• UK: -1.4%

Highest and lowest annual growth in the East Midlands

• Broxtowe: +5.4%
• Lincoln: -7.7%