Eastwood and Kimberley house prices rising above regional average

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 6.1 per cent over the last year.

The average Broxtowe borough house price in June was £250,266, Land Registry figures show – a 3 per cent increase on May.

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

Over the last year, the average sale price of property in Broxtowe rose by £14,000 – 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 Rutland, where property prices increased on average by 11 per cent, to £407,000. At the other end of the scale, properties in South Holland lost 2.2 per cent of their value, giving an average price of £232,000.

First steps on the property ladder

First-time buyers in Broxtowe spent an average of £217,000 on their property – £13,000 more than a year ago, and £58,000 more than in June 2018.

By comparison, former owner-occupiers paid £275,000 on average in June – 26.9 per cent more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Broxtowe in June – they increased 3.2 per cent, to £184,083 on average. Over the last year, prices rose by 5.2 per cent.

Among other types of property:

Detached: up 2.8 per cent monthly; up 6.3 per cent annually; £352,467 average;

Semi-detached: up 3 per cent monthly; up 6.3 per cent annually; £236,990 average;

Flats: up 3.2 per cent monthly; up 6.5 per cent annually; £129,191 average.

How do property prices in Broxtowe compare?

Buyers paid 0.6 per cent more than the average price in the East Midlands (£249,000) in June for a property in Broxtowe. 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 1.6 times the price as in Broxtowe. 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:

Broxtowe: £250,266;

East Midlands: £248,678;

UK: £287,546.

Annual growth to June:

Broxtowe: 6.1 per cent;

East Midlands: +2.4 per cent;

UK: +1.7 per cent.

Highest and lowest annual growth in the East Midlands:

Rutland: 11 per cent;

South Holland: -2.2 per cent.