House prices are on the up in Broxtowe

Lockdown didn’t stop house prices from rising in Broxtowe in June, new Land Registry figures show.

Monday, 21st September 2020, 5:16 pm

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 6.1 per cent annual growth.

The average Broxtowe house price in June was £196,024 – a 1.2 per cent increase on May.

Over the month, the picture was less good than that across the East Midlands, where prices increased 2.6 per cent, but Broxtowe outperformed the 0.7 per cent rise for the UK as a whole.

Property prices in Broxtowe have risen since lockdown

Over the last year, the average sale price of property in Broxtowe rose by £11,000 – putting the area seventh among the East Midlands’s 40 local authorities for annual growth.

Owners of semi-detached houses saw the biggest improvement in property prices in Broxtowe in June – they increased 1.4 per cen in value, to £185,486 on average.

Over the last year, prices rose by 6.4 per cent.

Owners of detached and terraced properties both saw the value of their properties increased by 1.2 per cent, while flats increased in value by 0.7 per cent.

First-time buyers in Broxtowe spent an average of £​170,600 on their property – ​£9,700 more than a year ago.

By comparison, former owner-occupiers paid £​214,700 on average in June​ – 25.8 per cent more than first-time buyers.

Buyers paid 2.3 per cent less than the average price in the East Midlands (£201,000) in June for a property in Broxtowe.

Across the East Midlands, property prices are lower than those across the UK, where the average cost was £238,000.