Newark and Sherwood house prices dropped in June

House prices dropped by 1.9% in Newark and Sherwood in June, new figures show.

General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

placeholder image — General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 0.2% over the last year.

The average Newark and Sherwood house price in June was £224,877, Land Registry figures show – a 1.9% decrease on May.

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

Over the last year, the average sale price of property in Newark and Sherwood rose by £360 – putting the area 30th 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 Newark and Sherwood spent an average of £180,880 on their property – £140 more than a year ago, and £36,960 more than in June 2018.

By comparison, former owner-occupiers paid £256,990 on average in June – 42.1% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in Newark and Sherwood in June – they dropped 2.1% in price, to £334,193 on average. But over the last year, prices rose by 0.6%.

Among other types of property:

Semi-detached:

Terraced:

Flats:

How do property prices in Newark and Sherwood compare?

Buyers paid 9.6% less than the average price in the East Midlands (£249,000) in June for a property in Newark and Sherwood. 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 1.8 times the price as in Newark and Sherwood. 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.