Newark and Sherwood house prices increased in September

House prices increased by 2.6% in Newark and Sherwood in September, 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.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 5.1% over the last year.

The average Newark and Sherwood house price in September was £249,976, Land Registry figures show – a 2.6% increase on August.

Over the month, the picture was different to that across the East Midlands, where prices decreased 0.6%, and Newark and Sherwood was above the 0.5% drop for the UK as a whole.

Over the last year, the average sale price of property in Newark and Sherwood rose by £12,000 – putting the area sixth among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in North East Derbyshire, where property prices increased on average by 7.4%, to £257,000. At the other end of the scale, properties in North Kesteven lost 4.3% of their value, giving an average price of £260,000.

First steps on the property ladder

First-time buyers in Newark and Sherwood spent an average of £201,100 on their property – £9,700 more than a year ago, and £50,400 more than in September 2018.

By comparison, former owner-occupiers paid £285,700 on average in September – 42.1% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Newark and Sherwood in September – they increased 2.7%, to £219,965 on average. Over the last year, prices rose by 5%.

Among other types of property:

Detached: up 2.7% monthly; up 5.8% annually; £371,653 average
Terraced: up 2.5% monthly; up 4.1% annually; £172,676 average
Flats: up 1.9% monthly; up 3.6% annually; £118,941 average

How do property prices in Newark and Sherwood compare?

Buyers paid roughly the same as the average price in the East Midlands (£251,000) in September 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 £291,000.

The most expensive properties in the East Midlands were in Rutland – £403,000 on average, and 1.6 times the price as in Newark and Sherwood. Rutland properties cost 2.3 times the price as homes in Bolsover (£175,000 average), at the other end of the scale.

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