Nottingham house prices increased more than East Midlands average in April

House prices increased by 0.5% – more than the average for the East Midlands – in Nottingham in April, 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 8.4% over the last year.

The average Nottingham house price in April was £191,112, Land Registry figures show – a 0.5% increase on March.

Over the month, the picture was similar to that across the East Midlands, where prices increased 0.3%.

Over the last year, the average sale price of property in Nottingham rose by £15,000 – 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 Melton, where property prices increased on average by 13.3%, to £316,000. At the other end of the scale, properties in West Lindsey lost 0.1% of their value, giving an average price of £208,000.

First steps on the property ladder

First-time buyers in Nottingham spent an average of £175,000 on their property – £13,000 more than a year ago, and £49,000 more than in April 2018.

By comparison, former owner-occupiers paid £212,000 on average in April – 20.9% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Nottingham in April – they increased 0.8%, to £135,183 on average. Over the last year, prices rose by 8%.

Among other types of property:

Detached: up 0.6% monthly; up 8.7% annually; £332,177 average
Semi-detached: up 0.6% monthly; up 8.9% annually; £214,185 average
Terraced: up 0.1% monthly; up 7.9% annually; £163,846 average

How do property prices in Nottingham compare?

Buyers paid 22.8% less than the average price in the East Midlands (£248,000) in April for a property in Nottingham. Across the East Midlands, property prices are lower than those across the UK, where the average cost £286,000.

The most expensive properties in the East Midlands were in Rutland – £380,000 on average, and twice the price as in Nottingham. Rutland properties cost 2.1 times the price as homes in Mansfield (£179,000 average), at the other end of the scale.

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