Newark and Sherwood house prices increased slightly in October

House prices increased slightly, by 0.1%, in Newark and Sherwood in October, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 3.4% over the last year.

The average Newark and Sherwood house price in October was £244,200, Land Registry figures show – a 0.1% increase on September.

Over the month, the picture was different to that across the East Midlands, where prices decreased 1.3%, and Newark and Sherwood was above the 0.7% drop for the UK as a whole.

Over the last year, the average sale price of property in Newark and Sherwood rose by £8,100 – 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 Rutland, where property prices increased on average by 10.9%, to £416,000. At the other end of the scale, properties in Oadby and Wigston lost 6.9% of their value, giving an average price of £263,000.

First steps on the property ladder

First-time buyers in Newark and Sherwood spent an average of £196,500 on their property – £6,400 more than a year ago, and £43,400 more than in October 2018.

By comparison, former owner-occupiers paid £279,100 on average in October – 42% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Newark and Sherwood in October – they increased 0.2%, to £215,925 on average. Over the last year, prices rose by 3.9%.

Among other types of property:

• Detached: up 0.2% monthly; up 3.9% annually; £362,566 average
• Terraced: down 0.2% monthly; up 2.3% annually; £168,339 average
• Flats: down 0.4% monthly; up 1.2% annually; £115,123 average

How do property prices in Newark and Sherwood compare?

Buyers paid 0.6% less than the average price in the East Midlands (£246,000) in October 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 – £416,000 on average, and 1.7 times the price as in Newark and Sherwood. Rutland properties cost 2.3 times the price as homes in Mansfield (£182,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, at £1.4 million.

Factfile

Average property price in October

• Newark and Sherwood: £244,200
• The East Midlands:£245,632
• UK: £287,782

Annual change to October

• Newark and Sherwood: +3.4%
• The East Midlands: -1.7%
• UK: -1.2%

Highest and lowest annual growth in the East Midlands

• Rutland: +10.9%
• Oadby and Wigston: -6.9%