Nottingham house prices dropped more than East Midlands average in September

House prices dropped by 1.7% – more than the average for the East Midlands – in Nottingham 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.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 1.7% over the last year.

The average Nottingham house price in September was £193,339, Land Registry figures show – a 1.7% decrease on August.

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

Over the last year, the average sale price of property in Nottingham rose by £3,200 – putting the area 16th 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 Nottingham spent an average of £177,400 on their property – £2,500 more than a year ago, and £43,000 more than in September 2018.

By comparison, former owner-occupiers paid £214,400 on average in September – 20.9% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in Nottingham in September – they dropped 2.2% in price, to £135,506 on average. But over the last year, prices rose by 1.1%.

Among other types of property:

Detached: down 1.2% monthly; up 3% annually; £335,111 average
Semi-detached: down 1.7% monthly; up 1.8% annually; £216,173 average
Terraced: down 1.8% monthly; up 1.1% annually; £166,913 average

How do property prices in Nottingham compare?

Buyers paid 23% less than the average price in the East Midlands (£251,000) in September for a property in Nottingham. 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 2.1 times the price as in Nottingham. 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.