Nottingham house prices increased more than East Midlands average in June

House prices increased by 3.6% – more than the average for the East Midlands – in Nottingham in June, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 6.9% over the last year.

The average Nottingham house price in June was £195,509, Land Registry figures show – a 3.6% increase on May.

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

Over the last year, the average sale price of property in Nottingham rose by £13,000 – putting the area fourth 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 Nottingham spent an average of £179,000 on their property – £11,000 more than a year ago, and £51,000 more than in June 2018.

By comparison, former owner-occupiers paid £217,000 on average in June – 20.9% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Nottingham in June – they increased 3.8%, to £139,188 on average. Over the last year, prices rose by 7.7%.

Among other types of property:

• Detached: up 3.3% monthly; up 7.4% annually; £338,827 average
• Semi-detached: up 3.4% monthly; up 7.1% annually; £218,543 average
• Terraced: up 3.7% monthly; up 6% annually; £167,722 average

How do property prices in Nottingham compare?

Buyers paid 21.4% less than the average price in the East Midlands (£249,000) in June for a property in Nottingham. 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 2.1 times the price as in Nottingham. 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.

Factfile

Average property price in June

• Nottingham: £195,509
• The East Midlands:£248,678
• UK: £287,546

Annual growth to June

• Nottingham: +6.9%
• The East Midlands: +2.4%
• UK: +1.7%

Highest and lowest annual growth in the East Midlands

• Rutland: +11%
• South Holland: -2.2%