House prices down in Mansfield and Ashfield

The drop contributes to the longer-term trend, which has seen property prices in both areas decline.

But while Ashfield prices only dropped by 0.4 per cent, Mansfield prices were down by 1.3 per cent.

Mansfield prices were doing better overall though, with only a 2.2 per cent annual fall, compared to four per cent in Ashfield.

Land Registry figures show the average Mansfield house price in October was £181,782 – a 1.3 per cent decrease on September – while in Ashfield it was £187,632, a 0.4 per cent decrease.

Over the month, the picture in Mansfield was similar to that across the East Midlands, where prices decreased 1.3 per cent but Ashfield performed better and was above the 0.7 per cent drop for the UK as a whole.

Over the last year, the average sale price of property in Mansfield fell by £4,100 – putting the area 26th among the East Midlands’s 35 local authorities with price data for annual growth.

The average sale price of property in Ashfield fell by £7,800, putting the area 32nd in the East Midlands overall.

First-time buyers in Mansfield spent an average of £160,000 on their property – £3,700 less than a year ago, but £41,200 more than in October 2018.

By comparison, former owner-occupiers paid £199,600 on average in October – 24.7 per cent more than first-time buyers.

First-time buyers in Ashfield spent an average of £166,400 on their property – £7,300 less than a year ago, while former owner-occupiers paid £206,500 on average in October – 24.1 per cent more than first-time buyers.

Owners of flats saw the biggest fall in property prices in both areas in October.

In Mansfield, they dropped 1.9 per cent to £93,205 on average, while in Ashfield they fell 0.7 per cent to £93,414 on average.

Prices for detached properties in Mansfield were down one per cent monthly and one per cent annually to £263,268 on average.

Semi-detached values were down 1.3 per cent monthly and 2.1 per cent annually to £170,847 on average, while terraced property values fell 1.5 per cent monthly and 3.8 per cent annually to £131,245 on average.

Prices of detached properties in Ashfield were down 0.2 per cent monthly and 3.2 per cent annually to £268,421 on average.

Semi-detached prpoerty values fell 0.4 per cent monthly and four per cent annually to £173,560 on average.

Terraced property prices fell 0.5 per cent monthly and 4.8 per cent annually to £140,733 on average.

Buyers paid 23.6 per cent less than the average price in the East Midlands (£246,000) in October for a property in Ashfield, while buyers paid the least of anyone in the East Midlands for a property in Mansfield.